Digital and new commerce businesses revenue reached INR 50,000 Cr in FY23, accounting for a fifth of Reliance Retail’s revenue, Isha Ambani said
Ambani attributed the growth in the new commerce business to Reliance Retail’s omnichannel capabilities
She said that the company has invested over $10 Bn in the last two years, focusing on integration, growing in-house brands, and improving supply chain
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Calling the launch of JioMart on WhatsApp a huge success, Reliance Retail executive director Isha Ambani said the ecommerce vertical has seen a 9X rise in customers since its launch on the Meta-owned messaging app.
“The launch of JioMart on WhatsApp has been a phenomenal success with 9X growth of JioMart customers on WhatsApp since launch in 2022,” Ambani said while addressing the shareholders at Reliance Industries Ltd’s (RIL’s) annual general meeting.
Last year, Reliance took its partnership with WhatsApp a notch higher to provide an end-to-end shopping experience for JioMart customers under which they can browse through JioMart’s entire grocery catalogue, add items to cart, and make the payment on WhatsApp itself.
Overall, the sales of digital and new commerce businesses surged in the financial year 2022-23 (FY23), reaching INR 50,000 Cr.
“Our digital and new commerce sales contributed ~ INR 50,000 cr, accounting for a fifth of revenues. We have invested over $10 Bn in the last two years, focusing on integration, growing in-house brands, and improving supply chain,” Ambani said.
She attributed the growth of the new commerce business to its omnichannel capabilities.
The company has built retail business on principle of ‘4 Cs’ – collaboration, consumer engagement, creativity, and care, Ambani said, adding that Reliance Retail has partnered with 30 lakh merchants to serve 98% of India’s PIN codes.
Reliance Retail owns brands such as JioMart, AJIO, Netmeds, and Trends, among others. Its consumer-facing retail businesses sell items ranging from footwear to electronics and from apparel to grocery.
In its grocery business, Reliance Retail sold over 18 Lakh metric tonnes of groceries during the year. It sold nearly 5 Lakh laptops and over 23 Lakh appliances and 50 Cr garments in the year.
“AJIO had yet another strong year, with its catalogue size crossing 13 lakh options,” Ambani added.
Reliance Retail’s net profit surged 18.8% year-on-year (YoY) to INR 2,448 Cr in Q1 FY24, compared to INR 2,061 Cr a year ago. Revenue from operations zoomed 20.5% YoY to INR 62,159 Cr in Q1 FY24 as against INR 51,582 Cr in Q1 FY23.
Qatar Investment Authority recently invested $1 Bn in Reliance Retail for an 1% equity stake, at a pre-money equity value of INR 8,28,000 Cr.
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