Mukesh Ambani-led Reliance’s recent deals: From Mandarin Oriental hotel to funding Dunzo

Here are some of the recent investments and acquisitions made by Reliance Industries and its subsidiaries in the technology and startup space.

January 2022: Reliance Retail said it
led a $240 million funding round in quick commerce firm Dunzo and now owns 25.8% stake in the Bengaluru-based startup, marking the oil-to-technology conglomerate’s entry into the ultra-fast commerce sector.

Post this deal, Reliance Retail is now the largest shareholder in Dunzo.

July 2021: Reliance Retail acquired the 25-year-old search and discovery firm Just Dial. RIL’s subsidiary
Reliance Industries announced its retail arm would buy 67% stake in Just Dial for around $700 million, or Rs 5,222.8 crore.

Just Dial offers local search and e-commerce services through its website, mobile apps and telephone line. After the deal,
Mani will hold a nearly 11% stake in Just Dial and continue leading the company as managing director and CEO.

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Also Read: Senior Reliance executives join Milkbasket board, cofounder Anant Goel resigns

August 2021: In August last year, we reported that Milkbasket, a hyperlocal delivery startup, had finalised its sale to Reliance for around $40 million, after protracted discussions and shareholders disagreement. In July-August 2020, Kalaari sold its stake in Milkbasket to MN Televentures is helmed by
Mahendra Nahata, who is the managing director of Himachal Futuristic Communications. Nahata is also on the board of Reliance Jio Infocomm Ltd. ET reported in January that Milkbasket’s board
had opposed the sale.

Also Read: Reliance’s e-commerce foray goes hyperlocal with Milkbasket deal

July 2020:
Reliance Brands bought out the stake held by Ronnie Screwvala’s Unilazer Ventures in lingerie etailer
Zivame. People close to the development had said at the time that Reliance Brands may have paid up to
$160 million for acquiring the firm, backed by

November 2020: Reliance Retail acquired equity shares of UrbanLadder for a cash consideration of
Rs 182.12 crore giving it a 96% holding in the furniture etailer.

ETtech

UrbanLadder was incorporated in India on February 17, 2012. It is in the business of operating a digital platform for home furniture and decor products.

August 2020: Reliance Retail acquired a majority equity stake in Netmeds’ parent Vitalic for
approximately Rs 620 crore giving the Mukesh Ambani-led group a 60% stake in the Chennai-based company. Netmeds.com is a fully licensed e-pharma portal that offers authenticated prescription and Over the Counter (OTC) medicine along with other health products.

December 2019: RIL said its subsidiary Reliance Strategic Business Ventures Ltd (RSBVL) picked up 85% stake in NowFloats Technologies for a
cash consideration of Rs 141.63 crore.

Set up in May 2012, NowFloats offers SaaS (software as a solution) solutions to small and medium enterprises by enbaling them to get a digital presence. Its solutions include local content discovery platform, online business management suite, website promotion and marketing solutions.

August 2019: RIL had said its subsidiary Reliance Industrial Investments & Holdings subsidiary
agreed to invest Rs 295.25 crore in Mumbai-based Fynd, owned by Shopsense Retail Technologies. The total investment translated into an 87.6% stake in Fynd.

Fynd, which was founded in September 2012, acts as a bridge between physical retail stores and buyers online.

February 2019: Reliance Industries-controlled Reliance Industrial Investment and Holdings Limited (RIIHL)
picked up a majority stake in Mumbai-based logistics platform Grab A Grub. It had said that it will invest an additional Rs 40 crore in the four-year-old company. Grab is a last mile logistics service for businesses and enterprises to manage their last mile deliveries. The company’s fleet of riders are connected via a technology platform that enables pickup & delivery of orders across the city. Grab is presently operating in more than 100 cities in India. Its merchants encompasses restaurants, food tech platforms, pharmacies, e-commerce platforms, groceries and more.