Reliance Retail stated it was a “significantly stepped up” present by e-commerce “from near zero in the preceding year”.
Reliance Retail launched its digital commerce initiative, JioMart, final yr in 200 cities, promoting grocery objects to start with. It later added vogue and electronics to the platform.
Apart from JioMart, vogue e-commerce portal Ajio and Reliance Digital webstore additionally carried out properly throughout the pandemic when shoppers closely relied on on-line channels to make purchases.
Reliance Retail stated it employed greater than 65,000 individuals throughout the pandemic, out of which greater than 53,000 have been freshers.
Last yr, Reliance Retail had accomplished the “largest fund raise exercise in the sector” by elevating Rs 47,265 crore from a bevy of world personal fairness funds for a ten.09% stake, valuing the corporate at greater than Rs 4.2 lakh crore.
The nation’s largest retailer by revenue and quantity of shops made a number of acquisitions final yr, together with on-line pharmacy Netmeds, furnishings and dwelling decor retailer Urban Ladder and lingerie vendor Zivame.
In 2020, Reliance Retail additionally entered into an settlement to accumulate the retail, wholesale and logistics operations of the Future Group for Rs 24,713 crore. “This acquisition is awaiting requisite approvals,” the annual report stated.
The acquisition of Future Group’s belongings is stalled on account of authorized challenges from Amazon that contested the deal saying it breached a 2019 settlement underneath which the US ecommerce firm bought a stake in a
Reliance Retail had posted a forty five% bounce in internet revenue and 23% enhance in revenue for January-March 2021, as sturdy demand for vogue and way of life, grocery and client electronics helped the corporate in what it known as a “landmark quarter”.
“Reliance Retail’s results reflect a certain resilience in a challenging operating environment,” the annual report stated.