Reliance AGM 2024: Isha Ambani, the Director of Reliance Retail Ventures Limited (RRVL), shared the latest updates and plans for the retail business.
Talking about plans for Reliance Retail during the 47th AGM of Reliance Industries on August 29, Isha Ambani said that the business is establishing 7-Eleven stores as a leading 24×7 convenience destination, offering localised fresh food and beverages tailored to the Indian palate.
Grocery
Isha Ambani added that in the grocery category, the retail business is not only the largest but also one of the fastest-growing retailers, expanding at 2.5 times the rate of the rest of modern trade.
“Our growth is driven by our focus on smaller towns, where over two-thirds of our new stores are opening. In many of these markets, we are the first modern retailer to establish a presence. At the same time, we are selectively expanding our premium formats, Fresh Signature and Freshpik, in large cities, continually innovating to enhance the consumer experience.”
Jio Mart
“Our online platform, JioMart, adds another layer of convenience, offering hyperlocal delivery with a wide and relevant assortment. Every one of our stores is equipped to seamlessly handle digital orders. Our extensive network of Smart Points in over 1,300 cities gives us a significant competitive advantage in the e-commerce space,” Isha Ambani added.
Milkbasket makes it easy for households to receive daily deliveries of essential products at their preferred schedule.
“We are expanding this service to new geographies, leveraging our existing supply chain,” Isha Ambani added.
With the acquisition of Metro India Cash & Carry, Reliance Retail has strengthened omni-channel capabilities, offering a wider assortment for kirana and HoReCa partners.
“We are delighted to have over 4 million registered kirana partners in our new commerce business, supported by a footprint of over 220 Metro stores across 200 cities.”
On Reliance Retail Consumer Brands business, Isha Ambani said it is focused on creating high-quality products at affordable prices to drive greater consumption across India.
“We have re-launched several popular brands like Campa, Lotus Chocolates, and Sosyo. The early success of all these brands gives us confidence that we are on the right path,” she added.
Reliance Industries chairman Mukesh Ambani announced that Reliance Retail is among the top 5 global retailers in terms of number of stores.
Reliance Retail is also among the top 10 retailers in terms of market capitalisation, top 20 retailers in terms of number of employees, and among the top-30 retailers in terms of revenues, he shared.
Reliance Retail recorded a Gross Revenue of ₹3,06,848 crore ($36.8 billion), a growth of 17.8% over last year.
During the year, Reliance Retail undertook an equity fund raise of ₹17,814 crore ($2.1 billion), achieving a valuation milestone of USD 100 billion.
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