) Flipkart to rope in the Indian middle class customer, many of whom are newly adopting online purchases of food and groceries due to the COVID-19 pandemic.
In May, Reliance launched online grocery service JioMart. It has been aggressively building its retail presence through acquisitions, moving beyond its mainstay oil and gas business. Silver Lake will get a 1.75% stake in Reliance Retail, giving the business a pre-money equity value of 4.21 trillion rupees , Reliance saidPowered by Reliance's Jio tech platform, the unit owns retail businesses as varied as grocery stores and fashion chains, and operates close to 12,000 stores.
“The real competition is going to be between Amazon, Walmart and Reliance,” said Harminder Sahni of retail consultancy Wazir Advisors. “Walmart is self-funded and Amazon is too, so the company to bet on now is Reliance.” Reliance, which has been on a fund-raising spree, saw its share price rise as much as 1.5% in a weak Mumbai market
Owo😀
A retail giant. Does it need the rustic and chic wooden utensils?
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