Reliance Industries to take on Amazon in India
Indian conglomerate Reliance Industries is moving to take on Amazon in India by founding a new digital retail platform.
The firm, led by billionaire Mukesh Ambani, has of late been engaged in testing to refine its new online shopping portal JioMart, which is expected to list more than 50,000 grocery items. Select customers who pre-register have been offered free home delivery and a no-questions-asked return policy.
The service will initially only operate within three neighbourhoods in the vicinity of Mumbai, taking on both e-commerce market leaders within the territory, Amazon and Flipkart.
Ambani has recently made several investments outside Reliance’s core industrial businesses, including telecommunications and retail acquisitions that are projected to account for 50 per cent of the firm’s profits within a few years. He has previously spoken of ambitions to totally transform India’s unorganised retail market.