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RELIANCE - Reliance Industries News Story

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Sector
Energy
Size
Large Cap
Market Cap £114.73bn
Enterprise Value £128.94bn
Revenue £44.86bn
Position in Universe 1st / 3108

Walmart's Flipkart expands grocery sales to more Indian cities

Tue 2nd March, 2021 7:21am
BENGALURU, March 2 (Reuters) - Walmart-owned  WMT.N 
Flipkart will sell groceries online in more Indian cities, as it
seeks to compete better with Amazon and Reliance in an
e-commerce market that has grown rapidly during the COVID-19
pandemic. 
    Flipkart has already expanded online grocery sales to more
than 50 Indian cities and intends to reach over 70 locations in
the next six months, the company said in a statement on Tuesday.
    The Bengaluru-based firm said its grocery service had grown
"exponentially" in the past year when many Indians began buying
essential supplies online due to the health crisis. 
    "Grocery continues to be one of the fastest-growing
categories," said Manish Kumar, senior vice president at
Flipkart, adding that the company had seen increased demand for
the service from smaller cities in 2020.
    Reliance Industries-owned  RELI.NS  JioMart last year became
the latest big entrant to India's e-grocery market, a sector
that also includes Amazon.com Inc  AMZN.O , BigBasket and
several smaller players. Indian conglomerate Tata is reported to
be buying a majority stake in Alibaba-backed  BABA.N  BigBasket.
 urn:newsml:reuters.com:*:nL4N2KM213
    Reliance, backed by India's richest man, Mukesh Ambani,
raised over $20 billion last year from global investors
including Facebook  FB.O  and Alphabet's  GOOGL.O  Google for
its digital arm, which is expected to support JioMart.
    India's broader retail industry is also witnessing a
high-stakes legal battle between Reliance and Jeff Bezos-led
Amazon on the Future Group's $3.4 billion sale of its retail
assets to Reliance, which Future's partner Amazon is contesting.
 urn:newsml:reuters.com:*:nL4N2KS1N2
    Flipkart's recent expansion has taken its grocery services
to big cities including Kolkata, Pune and Ahmedabad, it said.
    "Grocery is the next big frontier for online shopping and is
a key focus area for Flipkart to bring new customers online,"
the company added.

 (Reporting by Sachin Ravikumar in Bengaluru; Editing by Aditya
Soni)
 ((saisachin.r@tr.com; +91 80 6182 2754; Twitter: @sachinr27;))
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