Reliance Retail is owned by the India’s richest man, who is none other than Mukesh Ambani. He has 7,500 stores spread across 4,400 cities, and more than 350 million customers have visited the stores. It is one of India’s largest and rapidly growing company and their revenues have surpassed Rs 69,000 crore in the financial year of 2018. This has resulted in a growth of 100 per cent every year. Reliance Digital and Reliance trends are the biggest branches of Reliance Retail.
In the 41st AGM of Reliance Industries Mukesh Ambani expressed the desire to collaborate with Jack Ma, the co-founder of Alibaba, to expand their industry. They intend to make a unified platform to conduct online-to-offline commerce. Jack Ma intends to invest about $5 to $6 billion to become Reliance’s 50% shareholder. This would be Alibaba’s largest investment in the Indian market. They together would be able to stand out among the competition against Flipkart and Amazon.
Together they wish to create a gigantic online retail market along with the expansion of Alibaba’s offline retail businesses in India. Also, they want to address a certain issue in a collaborative fashion, along with a plan to make a huge omnichannel retail market through the joint venture.
The Reliance Industries have a separate online handle for every offline retail store, yet it lacks a unified online retail platform. This coalition would leverage the inventory, logistic, all the warehouses and every kind of operation that take place in India. As a result, reliance retail will have an edge over its rivals.