Reliance Retail will grow fastest in terms of revenue, EBITDA, says Mukesh Ambani

• Isha Ambani says JioMart users on Whatsapp have grown by nine times since its launch in 2022.
• Reliance has invested $10 billion in the past two years in its retail business, focusing on building integration, growing in-house brands.
• The company recently announced the launch of its youth-focused fashion retail format, Yousta

Reliance Retail Ventures (RRVL), whose valuation recently doubled to Rs 8.28 lakh crore ($100 bn) from Rs 4.28 lakh crore in September 2020, after Qatar Investment Authority invested over Rs 8,000 crore in the company. The company will show the fastest growth in terms of revenue and EBITDA, said Mukesh Ambani at the conglomerate's 46th Annual General Meeting on Monday. EBITDA is Earnings before interest, taxes, depreciation, and amortization.

“In less than three years, the valuation of Retail has almost doubled, notwithstanding the intervening Covid-19 pandemic. Based on this valuation, Reliance Retail, had it been listed, would have ranked among the Top 4 companies in India and Top 10 retailers globally,” said Ambani.

Speaking at the AGM, Isha Ambani, director of RRVL, said that the business has doubled to Rs 8.28 lakh crore from Rs 4.28 lakh crore in September 2020 as global investors have shown tremendous interest in the business. Out of this, the digital and new commerce sales contributed nearly Rs 50,000 crore in the financial year ending March 2023. The company has reported that registered customers grew to nearly 25 crore, with over 78 crore footfalls in FY23.

“ We have invested over USD 10 billion in the past two years, focusing on building integration, growing in-house brands, and improving supply chain networks,” said Isha Ambani.

Fast moving consumer goods update

Isha Ambani said that their new FMCG business has made a strong start through multiple brands and partnerships. “A key pillar of our FMCG business is to make heritage Indian brands contemporary. JioMart users on Whatsapp have grown by nine times since its launch in 2022,” she said.

Reliance Retail forayed into the personal care categories in the FMCG space and also became the official retailer of GAP in India to serve the mid-premium segment.

The business also expanded its product basket through acquisitions and partnerships at both local and global levels like Metro, Campa Cola, Pret A Manger, Lotus, Sosyo, Maliban, and Toffeeman among others.

Reliance Retail has also entered into the beauty segment by the launch of omni-channel beauty platform which focuses on providing experiential retail services “Tira” and opening its flagship store in Mumbai.

Most recently, the company announced the launch of its youth-focused fashion retail format, Yousta, with the opening of its first store in Hyderabad’s Sarath City Mall. This will be targeted at consumers in the age group of 15-25 years at affordable prices.

Isha’s first love

AJIO, which was launched by Isha Ambani in 2016, had yet another strong year, with its catalogue size crossing 13 lakh options. “We continue to be the partner of choice for international brands straddling premium, bridge-to-luxury, luxury, as well as Indian designer wear,” she said at the AGM.