MUMBAI: India’s richest man Reliance Industries Mukesh Ambani is planning to create an online-to-offline platform that would take on the world's largest retailers like Amazon and Walmart, which are both betting big on India’s e-commerce market.
Indian media reported that Mukesh Ambani is intending to take on the world's largest retailers by combining his Jio telecom service, mobile devices and a physical retail network.
Speaking at a summit, Ambani outlined his plans for online shopping platform.
Mukesh Ambani said Jio and Reliance Retail, which has over 9,000 stores across 6,500-plus towns in the country, will launch “a unique new commerce platform to empower and enrich our 1.2 million small retailers and shopkeepers in Gujarat – which are part of over 3 crore community in India.
Indian government last month tightened rules that will disallow foreign-owned online retailers from selling products via companies in which they own equity, and forbid them from pushing merchants to sell exclusively through their platforms.
The rules are expected to affect the operations of both Amazon and Walmart.