Mukesh Ambani reportedly invested over Rs 1600 crore instant delivery app Dunzo. The business built by Kabeer Biswas grew from a WhatsApp group to Rs 6400 crore company, but is now facing massive losses.
Mukesh Ambani was enticed to invest around Rs 1600 crore in Dunzo. Kabeer Biswas created the WhatsApp group business idea.
Indian and Asian richest man Mukesh Ambani has a net worth of 929925 crore. He chairs Reliance Industries, India’s most valuable corporation with a market worth of Rs 1936000 crore. Mukesh Ambani invested in many firms through his subsidiaries to become wealthy. Reliance Retail, a subsidiary of Mukesh Ambani’s Reliance Industries, invests in various Indian brands. Mukesh Ambani was interested in Dunzo, a crisis-hit quick delivery software. Kabeer Biswas launched Dunzo 2014. It started as a WhatsApp group and became a Rs 6400 crore corporation. Mukesh Ambani was persuaded to invest more than Rs 1600 crore in the company, which had an upgraded WhatsApp group for ordering. Kabeer Biswas created the WhatsApp group business idea.
Dunzo is not Kabeer Biswas’ first venture. Hike acquired Hoppr, his first startup, encouraging him to become an entrepreneur. Before studying MBA, computer science engineer Kabeer Biswas worked in a Silvassa plastic manufacturing. After learning business, he worked in Airtel sales and customer service.
He founded Dunzo with Ankur Agarwal, Dalvir Suri, and Mukund Jha in Bengaluru to complete Hoppr’s transition. Before Blinkit and Swiggy Instamart, the platform delivered groceries and other goods.
Dunzo started as a WhatsApp group where clients posted orders, but it’s now popular in major cities. With development and financing, Dunzo created a proper app and expanded to other cities. After receiving interest from Mukesh Ambani, Reliance Retail invested $200 million in the venture. The investment valued Dunzo at about USD 775 million (Rs 6400 crore).
Dunzo delayed staff salaries several times last year. The company lost Rs 1,800 crore in FY23, up 288% from the year before. Senior executives, including co-founders and the finance chief, have left the company.
Conclusion
Reliance Industries chairman Mukesh Ambani was lured to invest over Rs 1600 crore in rapid delivery service Dunzo. In 2014, Kabeer Biswas founded Dunzo as a WhatsApp community for ordering. Over time, development and funding expanded the app to more cities. Reliance Retail, owned by Ambani, invested $200 million, valuing Dunzo at about Rs 6400 crore. Dunzo lost Rs 1,800 crore in FY23, up 288% from FY22, due to salary delays. Senior executives, including co-founders and the finance chief, have left the company.
