After the big success of Jio, RIL seems preparing hard to enter India’s E-Commerce business space. Carving their way through mergers & acquisitions the conglomerate has shown immense interest to boost up the Startup ecosystem of India. The company, Reliance Industries top Indian corporate player in Asia is poised with its plan to enter India’s E-Commerce business space. Already having won trust of million customers Reliance is among the most reliable companies in India with Startups want to work with to bring a revolution in Digital India movement.
Startups Acquired by Reliance Industries is a plan for future E-Commerce?
Reliance’s journey in leading the Digital Revolution in India
Reliance Industries, India’s most valuable company has already established and laid the foundations for future E-Commerce plans through their acquisitions. In 2016 Reliance Industries led by Mukesh Ambani had announced to set aside a venture capital sum of 5000 crores. This would encourage New Age Entrepreneurs to build the Business of Future.
Following this, the company has proved their promises by engaging tremendously with the upcoming Startups who have a technology driven solution to every specific area from Agriculture to Hospitality, Reliance has already outplayed many competitors in telecom and internet services sector through their own Startups “Jio”. Now with a plan to enter the Startup sphere in India it can well understood that Reliance Industries is surely constructing a big move in India’s E-Commerce space.
JioGenNext: A Stratup Accelerator initiative by Reliance
Reliance Industry’s strong engagement with Startups is highly driven by its dedicted team of JioGenNext. JioGenNext acts as abridge between the Startups and Reliance Industries. As per the sources JioGenNext had received more than 3000 aplications from Startups & Entrepreneurs all over India in 2018. Of this only 29 could make a cut to Vorporate Venture plan. It advises and mentors the entrepreneurs on launching their Startups in Jio ecosystem.
According to Amey Mashelkar JioGenNext has already completed 11 batches of startups so far, working with seed and pre-series on an average Reliance JioGenNext is said to have been working with 10 to 15 Startups and has so far engaged with over 150 Startups. That is good number to start with its future of entering into India’s E-Commerce space.
Reason why Startups want to engage with Reliance
Each Startup looks for scaling up and increase the reach of customers to capture more market. With Reliance Jio as the No 1 market leader in India it becomes very easy for them to shoot up their revenues. The best example of this is Saavn which after merging with JioMusic has reached over 100 million active users today.
Mukesh Ambani had already declared that the company will combine the strengths of Reliance Jio and Reliance Retail sector to create a new commerce platform. This will bring together the online and offline reach of Jio & Retail arms to make the company a big player in E-Commerce space and give a stiff competition to Amazon and Flipkart.
To quote the words of Amey Mashelkar Reliance has just one message for all the Startups “If you have something to scale, come to us for being on the Jio and Reliance Retail Network. There is a lot in the works, and it’s only the beginning for Reliance”.
Future of E-Commerce business in India
As already mentioned in our Efacts article on “Why Most Startup in India Fails“, India will become World’s second largest Startup ecosystem with estimated 1 million Startups. Reliance is following the footsteps of other global giants such as Google, Facebook, Cisco and Walmart. Partnering with innovative Startups to leverage technologies and solutions is taking Reliance forward in establishing E-Commerce platform soon.