Reliance🤝🏻Dunzo, Ola Electric face issues🙁, Shiprocket acquires Wigzo🚀
Reliance Retail picks up 25.8% stake in Dunzo, Ola Electric, auto dealers’ lobby face issues, Shiprocket to acquire stake in Wigzo, Funding Deals & more.
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Reliance Retail picks up 25.8% stake in Dunzo for $200 million⚡
Reliance Retail has led a $240 million funding round in quick commerce firm Dunzo, according to a statement by the company. Reliance Retail said with an investment of $200 million it will own a 25.8% stake.
Reliance Retail said the capital will be used to further Dunzo’s vision to be the largest quick commerce business in the country, enabling instant delivery of essentials from a network of micro warehouses. It will also expand its business-to-business (B2B) business vertical to enable logistics for local merchants in Indian cities.
Dunzo cofounder and CEO Kabeer Biswas said that the company aims to establish itself as one of the most reliable quick commerce providers in the country. “With this investment from Reliance Retail, we will have a long-term partner with whom we can accelerate growth and redefine how Indians shop for their daily & weekly essentials,” he said.
According to a report by RedSeer, the quick commerce market size is expected to grow to $5 billion by 2025.
Ola Electric, auto dealers’ lobby face-off over scooter sales figures, issues🛵
The Federation of Automotive Dealers Association ( FADA) has questioned Ola Electric’s transparency in communicating to customers about the delivery of its newly launched electric scooters.
FADA’s president Vinkesh Gulati said the industry grouping is looking to investigate complaints received from customers like the claimed number of deliveries, range, registration charges, insurance charges, and forward them to the Ministry of Road Transport and Highways.
As per the Road Transport and Highways Ministry’s Vahan dashboard, which maintains real-time vehicle registration data, about 439 Ola Electric vehicles had been registered in total as of Thursday morning. This is in stark contrast to about 4,000 dispatches the company has claimed to make in December alone.
The company has been facing the ire on social media as well for not providing the claimed ARAI range of 180 kilometers. Many users report a range of 135 km after a full charge. But Dubey said that Ola’s scooters have the lowest variation from the ARAI range compared to industry standards, which he said is at 24%.
SecureNow, an end-to-end insurtech platform currently serving 25,000 small businesses across 150 locations, has raised a total of US$ 6 million in its last funding round led by Apis Insurtech Fund.
Indian B2B marketplace IndiaMART has invested INR 13.35 Cr (~$1.79 Mn) in EasyEcom through its wholly-owned subsidiary Tradezeal Online to acquire a 26.01% stake.
Bolo Live, a social live-streaming app, has raised $2.4 million from Orios Venture Partners and others ahead of its Series A funding round.
Shiprocket to acquire 75% stake in Wigzo Tech🚀
Zomato-backed Shiprocket is all set to acquire a 75% stake in Delhi-based Wigzo Tech which operates an enterprise automation suite for a valuation of around $20-25 million.
The deal will have around 60% secondary and 15% primary components and is likely to help Shiprocket build a full-stack solution for its merchants to drive better logistics.
All the existing investors of Wigzo including Mahandas Pai-backed 3one4 Capital and Advantedge Partners besides angels investors would be exiting the company following the deal, the report added.
Space-bound and unstoppable! Shiprocket India commits to buying a 75% stake in WigzoTech. Heading towards new horizons in eCommerce tech," Wigzo tweeted.
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