A $20 billion fund raising spree may take India’s Reliance closer to its dream of becoming a digital giant, further threatening the ambitious plans U.S. companies like Amazon and Walmart have for India by adityakalra & tweetsfromnivi
NEW DELHI/BENGALURU - A $20 billion fund raising spree may take India’s Reliance closer to its dream of becoming a digital giant, further threatening the ambitious plans U.S. companies like Amazon, Walmart and Zoom have for India.
Some industry watchers equate Reliance’s digital plans - which extend from online shopping and cloud computing to telecom and digital payments - to China’s Alibaba and Tencent, companies Reliance itself calls “global peers”. “Jio Platforms not only has the backend infrastructure and development capabilities but also an ever expanding captive consumer base,” said Mayank Vishnoi of Singapore-based financial advisory firm Resfeber International.
“We will cover many more cities, serve many more customers across India, and expand to many more categories,” said Ambani. JioMart currently delivers groceries in only 200 cities, while Amazon and Flipkart deliver a wide range of goods across the country.Reliance also has a retail footprint of around 11,000 stores across 6,700 cities that offer a wide array of products. It has also partnered with over 45 top international brands including Tiffany & Co, Burberry and Jimmy Choo.
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