Mukesh Ambani’s Reliance Jio May Get Amazon’s Funding

Amazon and Reliance Retail comes a few days after RIL Chairman Mukesh Ambani, who was recently named the fifth richest man in the world.

Mukesh Ambani’s Reliance Jio May Get Amazon’s Funding

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Since the COVID-19 Pandemic gripped the world economy, hardly very few businessmen have shown such level of growth, Mr. Mukesh Ambani’s Reliance Jio is one of them. After Facebook and Google invested heavily in Reliance Jio, a report that Jeff Bezos-led Amazon plans on investing 9.9 per cent in Reliance Retail Ltd, a Bloomberg eport said.

The reported talks between Amazon and Reliance Retail comes a few days after RIL Chairman Mukesh Ambani, who was recently named the fifth richest man in the world, expressed interest in backing for the retail chain.

Earlier, Reliance launched JioMart to take on Amazon and Flipkart.

JioMart will deliver groceries in more than 200 towns across the country, said Damodar Mall, Cheif Executive of the grocery retailer.

The launch of JioMart will be a formidable challenge to the rivals who are looking to grow their businesses amid the coronavirus outbreak.

Earlier, after signing a massive $5.7 billion deal with Facebook, Reliance Industries latest venture to expand into the retail market, JioMart, had reportedly gone live with its official WhatsApp number.

Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited (RIL) has said that in the near future, JioMart and Whatsapp will empower nearly 3 crore small Indian Kirana shops to digitally transact with every customer in their neighbourhood. “This means all of you can order and get faster delivery of day-to-day items, from nearby local shops,” Ambani said earlier.

He added that at the same time, small Kiranas can grow their businesses and create new employment opportunities using digital technologies.

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