Reliance Industries has fully written off its INR 1,645 crore (around $200 million) investment in hyperlocal delivery startup Dunzo.
Reliance Retail Ventures had bought a 25.8% stake in the quick commerce platform in early 2022.
According to Reliance Industries Ltd’s FY25 annual report, its 78,923 shares in Dunzo—valued at INR 1,645 crore in FY24—are now worth nothing. The now-shut startup made only INR 1 crore in operating revenue in FY25.
This comes more than seven months after reports in January that Reliance Retail, Dunzo’s largest shareholder, had written off its $200 million investment. That same month, cofounder and CEO Kabeer Biswas stepped down and joined Flipkart’s quick commerce venture, Minutes.
The write-off comes three years after Reliance led a $240 million funding round in January 2022, which was seen as part of its push into quick commerce. The deal was intended to strengthen hyperlocal logistics for Reliance Retail’s stores, expand its omnichannel presence, and help JioMart’s merchant network with last-mile delivery.
By the time Dunzo shut down, Reliance Retail held a 26% stake, while Google India owned 19.3% and Lightbox 10%.
Dunzo was founded in 2014 by Biswas, Ankur Aggarwal, Dalvir Suri, and Mukund Jha. It began as a pick-and-drop service and later expanded into grocery delivery.
Over the years, it has introduced several innovations. It raised nearly $450 million, but trouble began last year when it became clear the company was burning millions without keeping up with the revenue growth of rivals like Blinkit, Instamart, and Zepto.
In FY23, Dunzo’s net loss grew nearly four times to INR 1,801 crore, while revenue rose three times to ₹67.7 crore. As funding dried up, it tried different strategies, but none succeeded. Unable to keep operations going or find a buyer, Dunzo eventually shut down.
