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India’s richest man is ready to take on Amazon and Walmart’s Flipkart

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Reliance Retail and Reliance Jio, two subsidiaries of Mukesh Ambani’s Reliance Industries, said they have soft launched JioMart, their e-commerce venture that works closely with neighbourhood stores, in parts of the state of Maharashtra — Navi Mumbai, Kalyan and Thane. If there is anyone in India who is positioned to compete with heavily-backed Amazon and Walmart, it’s him. Reliance Retail, which was founded in 2006, is the largest retailer in the country by revenue. It serves more than 3.5 million customers each week through its nearly 10,000 physical stores in more than 6,500 Indian cities and towns. Reliance Jio is the second largest telecom operator in India with more than 360 million subscribers. The 4G-only carrier, which launched commercial operations in the second half of 2016, disrupted the incumbent telecom operation in the country by offering bulk of data and voice calls at little to no charge for an extended period of time.

[Source: TechCrunch]

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