Reliance’s digital unit Jio Platforms attracted not just private equity and sovereign wealth funds but also Google and Facebook
Reliance is becoming a threat for US companies like Amazon, Walmart and zoom have business setup in India. A $20 billion fund raising spree may take Reliance closer to its dream of becoming a digital giant.Stake sales in Reliance’s digital unit Jio Platforms attracted not just private equity and sovereign wealth funds but also Google and Facebook, a strong endorsement for an enterprise that until a few years ago focussed largely on oil refining.
Reliance has a track record of disrupting rival businesses. With cheap smartphones and data plans, its telecom venture Jio has in four years dethroned market leaders Vodafone Idea and Bharti Airtel to become the largest telecom operator in India.
On Wednesday, billionaire chairman Mukesh Ambani said Reliance will expand e-commerce platform JioMart – which connects small retailers with consumers – to offer not just groceries but also electronics and fashion goods.
The addition of new digital products targeting various sectors will pose threats to many large dominant players. Having strategic partners like Facebook and Google validates that Reliance gameplan is real.”
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.