Companies

Anant Ambani joins Jio Platforms as director

Rajesh Kurup Mumbai | Updated on May 27, 2020

Reliance Retail’s e-commerce venture JioMart aims to tap into trend of online grocery shopping

Anant Ambani, the youngest son of Asia’s richest man Mukesh Ambani, has formally joined the Reliance empire after being appointed as a director on Jio Platforms board.

He was inducted on Jio Platforms board on March 16, sources close to the development said.

His siblings — twins Akash and Isha — joined the boards of Reliance Jio Infocomm and Reliance Retail Ventures earlier in 2014.

Akash and Isha had joined the group about the same age as their father Mukesh, who was 24 when he joined RIL in 1981. Anant is now 25.

Isha had graduated from the Yale University with majors in psychology and South Asian studies in 2013, and had worked with global consultancy firm McKinsey in the US for a brief period. Akash graduated from Brown University with a major in economics.

JioMart delivery in two days

JioMart, the e-commerce venture of RIL subsidiary Reliance Retail, aims to deliver within two days of placing the order. The online grocery firm is offering a minimum 5 per cent discount, while rebates offered on its private labels are higher, according to various brokerage reports.

“While it does not commit on a delivery timeline when ordering (due to the lockdown), it aims to deliver orders within a two-day timeframe,” according to a report by CLSA.

Service across 200 cities

RIL launched an online extension of its grocery business under the JioMart brand across 200 cities in India.

According to a report by Credit Suisse, the service, which was launched over the weekend, is being offered in all leading metros (Mumbai, Delhi, Bengaulru, Kolkata) and even in smaller towns like Mysuru, Bhatinda and Dehradun, among others.

RIL has extended the promise of a “minimum 5 per cent off on MRP” to all products on JioMart. The discount is higher on its private label brands, and is competitive to branded products, it said.

While the timing of launch could tap the growing trend of online grocery shopping, the national rollout provides customers with a useful alternative to existing players (BigBasket, Grofers), as online grocery orders have spiked given the fewer store visits, it added.

Published on May 27, 2020

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