Reliance Retail To Launch FMCG Business Reliance Retail achieved a turnover of INR 2 lakh crore and EBITDA of INR 12,000 crore in FY 2022 and is among the top ten retailers in Asia
Opinions expressed by BIZ Experiences contributors are their own.
You're reading BIZ Experiences India, an international franchise of BIZ Experiences Media.
Reliance Industries' subsidiary Reliance Retail will soon launch a fast-moving consumer goods (FMCG) business, with an objective to develop and deliver high quality, affordable products. "This will be aimed at solving every Indian's daily needs," said Isha Ambani, director, Reliance Retail Ventures Ltd, addressing the 45th annual general meeting (AGM) on Monday.
Reliance Retail achieved a turnover of INR 2 lakh crore and EBITDA of INR 12,000 crore in FY 2022 and is among the top ten retailers in Asia. It has served over 200 million registered customers at Reliance Retail's physical stores and digital platforms. "We have nearly 4.5 billion visitors to the digital platforms, up by 2.3 times year-on-year," added Ambani who has been given the mantle to lead Reliance Retail.
Its own brands contribute to over 65 per cent of the overall revenue..
New Commerce
Reliance Retail's strategy is to integrate with millions of small merchants and provide them a platform to prosper. Since its launch, the platform has grown its merchant partners base to over 20 lakh partners.
The JioMart Digital (JMD) initiative has enabled small electronics merchants to sell the entire product portfolio of Reliance Retail on an assisted selling model. During the year, the business launched new commerce operations through Netmeds wholesale and onboarded merchants across 1,900 towns.
AJIO Business, Reliance Retail's new commerce initiative, works with merchant partners across 3,500 towns, giving them access to a collection of over 8,000 regional and national brands and a wide portfolio of in-house brands.
Reliance retail's digital commerce platforms continued its growth with nearly six lakh orders being delivered every day, an increase of 2.5 times over last year.
Media Business
At a time when Gautam Adani's bid to takeover NDTV is making all the noise, it's no surprise to know that media businesses owned by the Ambanis have achieved great success. "Our media businesses have achieved strong growth on the back of strong engagement, resulting in record subscriptions and advertising revenues," said Mukesh Ambani, RIL chairman and managing director during the AGM.
The company's partnership with Bodhi Tree, James Murdoch, Uday Shankar and Paramount Global will help Viacom18 with additional talent bandwidth and enable us to create a world class media and entertainment business, the chairman added.
Viacom18 consolidated its leadership position with a high-decibel entry into sports, bagging the digital rights of IPL for five years.
