Speaking at the Reliance Industries annual general meeting on Wednesday, Mukesh Ambani said that JioMart would continue to expand, and will soon venture into new categories. Calling Reliance Retail one of the first-growing retail chains in the country, he said that the company would also collaborate with more entrepreneurs and brands.
According to Ambani, the revenue in the retail business has grown eight times and profit by almost 11 times. "We are India's largest and most profitable retail business," he reiterated, noting that Reliance retail was the only retailer to feature among the world's top 100 retailers.
Speaking about the company's strengths, Isha Ambani noted that JioMart is built upon two "fundamental pillars". The company, she said, had a powerful omni-channel tech-platform to unite customers, kiranas and producers. It also has a "widespread physical network of Reliance Retail that takes benefits of new commerce to every corner".
Mukesh Ambani also said that JioMart and WhatsApp will be working together to create opportunities for India's small Kirana traders. He added that the company's grassroots outreach was a thing of pride.
"More than two-thirds of our nearly 12,000 stores are operated in Tier II, Tier III and Tier IV towns," he said, adding that the company sourced more than 80% of their fresh fruits and vegetables directly from farmers. "Our growth model is based on partnership with small merchants and shopkeepers," he said.
The beta version of JioMart grocery platform is being piloted in 200 cities. Daily orders have crossed 2.5 lakh, and the number is growing each day," Ambani said. He added that the company also provided employment and development opportunities for lakhs of people across India.
While the Jio Platforms and Reliance Industries has seen several massive investments lately, Ambani said that the retail venture has also received strong interest from strategic and financial investors.
"We will induct global partners and investors in Reliance Retail in the next few quarters," he said at the meeting. Reliance Retail has already started pilots of its e-commerce venture.
(With inputs from agencies)