Jiomart online grocery service now available in 200 towns across India
Ambani is selling stakes in Jio platforms as he tries to bring down Reliance’s net debt before 2021 to below zero billion.
Reliance Industries Limited has begun testing its online grocery shopping portal across India, yet under a nationwide lockdown to control the spread of coronavirus.
JioMart is now delivering to more than 200 cities, Damodar Mall, the CEO of Reliance Retail’s grocery business, said in a tweet. JioMart launched a pilot project last month to serve users in three areas around Mumbai.
Mukesh Ambani, chairman of Reliance at the soft launch of JioMart, Asia’s richest man, Amazon.com Inc and Walmart Inc, Jiomart online grocery is one step closer to taking Flipkart into the e-commerce market, which KPMG says will grow to 200 by 2027. It Will be a billion dollars.
The JioMart shopping app is available through Facebook Inc.’s WhatsApp, which has around 400 million users in India. Jiomart online grocery Facebook has said that it hopes JioMart will primarily help WhatsApp to connect small businesses with customers.
New York-based KKR & Co became the latest private equity firm to invest in Reliance-controlled digital services holding company Jio Platforms Ltd on Friday. KKR will pay 113.7 billion ($ 1.5 billion) for a 2.3 percent stake in JK platforms.
Ambani is selling stakes in Jio platforms as he tries to bring Reliance’s net debt to zero below $ 20 billion before March 2021. Jiomart online grocery Reliance wants to move away from oil and petrochemical towards fast-growing consumer businesses.