The development comes amid a growing clamour for the boycott of Chinese products in India, combined with the government's push for Aatmanirbhar Bharat.
Apart from digital advertising revenue, both companies want to reach out to the 'next billion' Indian customers. After all, around half of the 1.3 billion population is still not on the net and this represents a challenge as well as an opportunity.
Capital dumping is being used by foreign e-commerce firms to subsidise and engage in predatory pricing, oil-to-telecom conglomerate Reliance Industries (RIL) has told the Associated Chambers of Commerce and Industry of India (Assocham) in an internal document. The document alleges that this is leading to massive unemployment and financial distress among small merchants and kirana stores. It consists of various recommendations and proposed changes that deal with Press Note 2 of 2018 (PN 2), which RIL wanted Assocham to present to the government, according to sources.
Categories such as lifestyle, food and electronics accounted for over 1,350 sellers across the country last year.
Amazon on Sunday won an interim award against its partner Future group selling retail business to Reliance Industries for Rs 24,713 crore after a Singapore-based single judge arbitration panel put the deal on hold. Amazon had dragged Future to arbitration after the Kishore Biyani group firm had agreed to sell businesses to billionaire Mukesh Ambani's Reliance.
'For all of us at Amazon, it is 'Bharat first'.' 'We are keeping the Indian customer at the centre of what we are doing.'
Ajit Balakrishnan offers a thinking man's guide to the state of ecom in a nation of shopkeepers.
Online play is a priority now -- so far unthinkable in a business that's all about a meaningful interface with kirana stores.
The proposed amendments to the Consumer Protection (E-Commerce) Rules, 2020, that are envisioned to protect consumer interests, may further compound the impact of multiplicity of regulations on the e-commerce sector, the Indo-American Chamber of Commerce (IACC) had told the ministry of consumer affairs. IACC, the apex bilateral chamber for Indo-US business, had told the government that the proposed amendments would increase compliance liabilities that risk severely impairing the growth of the sector.
Ramping up e-commerce operations and going beyond its current strongholds are key challenges for the grocery chain in its battle with Mukesh Ambani's retail behemoth.
Billionaire Mukesh Ambani-led Reliance Retail on Thursday said it has acquired sole control of 25-year-old search and discovery firm Just Dial. The firm's subsidiary Reliance Retail Ventures Ltd had in July announced a deal to buy a controlling stake in Just Dial for Rs 3,497 crore. Further to that announcement, "RRVL has now taken sole control of Just Dial Ltd in accordance with the SEBI Takeover Regulations with effect from September 1, 2021."
A slew of Indian firms, including Flipkart, Byju's and Zomato, is building a path to profitability and diversifying into newer business segments ahead of mega-IPO plans.
'We are having an outsize impact not only on the lives of the customers and livelihood, but also the economy of India.'
Investment in market leaders with a safety-first approach could yield reasonable returns across sectors.
Make no mistake, Reliance's entry into Indian e-commerce cannot be taken lightly. It is akin to a combine of AT&T and Wal-Mart challenging Amazon on its home turf, says Shailesh Dobhal.
The firm would require it to more than triple its CAGR of revenue to 18.5% for the next decade from 6%
Although Walmart-Flipkart wholesale game-plan is to target about a $150 billion market out of a total pie of $700 billion in the country, the consolidation marks the end of the multi-brand dream of the American retail giant.
The BSE Midcap and the BSE Smallcap indices pared all intraday gains to end 0.3% and 0.5% lower
Forbes said Prime Minister Narendra Modi's "economic experiments" barely affected India's billionaires while none gained more than oil-and-gas tycoon Mukesh Ambani, who cemented his decade-long hold on the top slot by adding a staggering USD 15.3 billion (67 per cent) to his last year's wealth to become one of Asia's top five richest.
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