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

-

As Amazon and Walmart-owned Flipkart spend billions to make a dent in India’s retail market, the two companies have stumbled upon a new challenge: Mukesh Ambani, Asia’s richest man.

Reliance Retail and Reliance Jio, two subsidiaries of Ambani’s Reliance Industries, said they have soft launched JioMart, their e-commerce venture, in parts of the state of Maharashtra — Mumbai, Kalyan and Thane.

The e-commerce venture, which is being marketed as “Desh Ki Nayi Dukaan” (Hindi for new store for the country), currently offers a catalog of 50,000 grocery items and promises “free and express delivery.”

In an email to employees, accessed by TechCrunch, the two aforementioned subsidiaries that are working together on the e-commerce venture, said they plan to expand the service to many parts of India in coming months. A Reliance spokesperson declined to comment.

The soft launch this week comes months after Ambani, who runs Reliance Industries — India’s largest industrial house — said that he wants to service tens of millions of retailers and store owners across the country.

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 largest telecom operator in India with more than 350 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.

In a speech in January, Ambani, an ally of India’s Prime Minister Narendra Modi, invoked Mahatama Gandhi and said like Gandhi, who led a movement against political colonization of India, “we have to collectively launch a new movement against data colonization. For India to succeed in this data-driven revolution, we will have to migrate the control and ownership of Indian data back to India – in other words, Indian wealth back to every Indian.” Modi was among the attendees.

More to follow…



from TechCrunch https://ift.tt/2QByd9h

Comments

Post a Comment

Popular posts from this blog

5 investors discuss what’s in store for venture debt following SVB’s collapse

-
There are many questions around the implications of Silicon Valley Bank’s (SVB) collapse that won’t be answered for a long time. But there’s one question that many startups and investors are hoping will get answered sooner rather than later: What happens to venture debt? SVB was one of the larger, if not the largest, providers of venture debt to U.S.-based startups. And now that First Republic Bank has also gone under, that question has spiraled, growing ever more complex. Many startups rely on venture debt: it’s both a cheaper alternative to raising equity and can serve as a capital tool that helps companies build in ways that equity isn’t great for. For some companies in capital-intensive areas like climate, fintech and defense, access to debt is often the only avenue to growth or scale. Thankfully, venture capitalists aren’t too worried about the SVB collapse’s impact on venture debt as a whole. We’re widening our lens, looking for more investors to participate in TechCrunch su
Read more

Austin Russell became the youngest self-made billionaire in 2021; now he owns Forbes

-
Austin Russell is on quite a run. The 28-year-old founder and CEO of Luminar Technologies, which develops vision-based lidar and machine perception technologies primarily for self-driving cars, told the Wall Street Journal earlier today that he is buying an 82% stake in Forbes Global Media Holdings in a deal that values the company at nearly $800 million. According to the WSJ, Russell’s stake includes the remaining portion of the company owned by its namesake family, which sold 95% of the company to the Hong Kong-based investor group Integrated Whale Media back in 2014. Forbes was essentially on sale from the moment it called off its merger with a special-purpose acquisition company in June of last year, after the market soured and investors lost their appetite for SPACs. Luminar itself had better timing; it went public via a SPAC merger in 2021 when retail investors were still clamoring for shares in mobility tech companies. By the time Forbes was calling off its own SPAC plans,
Read more

Amazon workers at two Chicago warehouses walk out to demand better treatment

-
This morning, dozens of warehouse workers at two Amazon facilities near Chicago staged a pre-Christmas walkout during the busiest time of the year to demand better treatment and higher wages. “We have been passed over for raises. We are being overworked, even when there is sufficient people to work here,” a worker at the DLN2 facility in Cicero said on a livestream posted by the Amazonians United ‘s Chicago chapter, which is not affiliated with Amazon. “We have not received the bonuses we were promised. There are people here who were hired as permanent workers, and then they took their badges away and made them temporary workers. They are staffing this place unsafely, making people work too fast, even though we don’t have to.” These workers, who work between 1:20 AM and 11:50 AM, are also demanding a $5 per hour raise. Amazon told TechCrunch that the current starting pay is $15.80 per hour at the two facilities that staged walkouts, DLN2 in Cicero and DIL3 in Gage Park. The Amazonia
Read more