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BUSINESS
Mukesh Ambani continues to expand his business empire with new services and products.
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Updated : May 29, 2024, 06:34 PM IST
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Mukesh Ambani is the chairman of Reliance Industries, one of the largest companies in India with a market cap of Rs 1950000 crore. He is the richest man in Asia with a net worth of Rs 948000 crore, as per Forbes. The 67-year-old billionaire continues to expand his business empire. His Reliance is already leading in telecom and other sectors. He is now planning to launch a quick commerce service through JioMart, as per a TOI report.
JioMart will take on Blinkit, BigBasket, Instamart, and Zepto. JioMart plans to deliver groceries in 30 minutes initially in 7-8 cities and eventually across 1,000 cities. Reliance had discontinued its 90-minute grocery delivery service JioMart Express a year ago. The company is now focusing on deliveries under 30 minutes, the report said quoting sources. However, Reliance Retail, a Reliance subsidiary, did not respond to queries, the report stated. At present, JioMart offers slotted and next-day delivery options to customers.
JioMart's to-be rivals Blinkit, BigBasket, Instamart, and Zepto follow a dark store model. However, JioMart plans to leverage Reliance Retail's extensive network of over 18,000 stores and fulfilment centres to fulfil orders.
The new plan of Reliance comes at a time when Walmart's Flipkart is also gearing up to enter into the quick commerce space. The quick commerce service has found rapid traction, especially among millennials and Gen Zs.
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