Reliance Retail, as per reports, is in advanced talks with JustDial’s promoters to acquire the firm for $800-$900 mn. The deal will let Reliance Retail take advantage of JD’s 25-year-old merchant database and its network across the country. JD’s stock has risen 52.4% in the last six months, reaching a 52-week high of Rs 1,138 on Wednesday. JD is visited by 50 mn users on a quarterly basis on mobile, apps, webs, and telephone 88888-88888 hotline.
Flipkart said it has raised $3.6 bn in capital from few global investors, sovereign funds, PE, and parent Walmart. The current financing will raise its valuation to $37.6 bn, providing it the much financial muscle to battle in India against the giants including Amazon, Tata Digital, Reliance, and Myntra. In the coming year, Flipkart plans to go public in the US. The e-com platform has over 300,000 sellers are on the marketplace of which 60 % are tier 2 cities and beyond.
Reliance Jio has joined hands with Google to avail cloud services for 5G and other internal needs of businesses. Google Cloud will provide a complete E2E cloud offering for fully automated lifecycle management of Jio’s 5G network and services. The collaboration will also bring a portfolio of 5G edge computing solutions. Jio’s core business will be shifted to Google cloud to enable them to use Google’s AI, ML, e-com, and demand forecasting services.
Reliance, before the 44th AGM scheduled on June 24, has announced the launch of the Reliance WhatsApp chatbot. The AI-powered chatbot will be answering questions of shareholders, general viewers and will also provide information on the latest in Reliance AGM. In the AGM the company may launch the Jio 5G phone at a price point of Rs 4,000 running on a custom android called JioOS. The launch of the JioBook laptop is also on the card.
Tata sons via Tata Digital have got their hands on a 64.3% stake in Alibaba-backed online grocery store, BigBasket. In March, India’s antitrust body approved the stake acquisition which came to fruition this month. The deal is said to be worth Rs 95 bn, which will buy out Alibaba’s stake in the e-grocer. Tata group is now a direct competitor to Amazon, Walmart, and Reliance. Tata Digital plans to launch its super app in 2022, with all facilities on a single platform.
Reliance has launched an AI-based chatbot to solve investor queries related to its Rs.53,125 cr rights issue which will close on June 3. The chatbot, developed by Jio Haptik Technologies, can handle queries pertaining to general FAQs, important dates, payment, eligibility towards dividends, important links, etc, and can also calculate the amount an investor needs to pay. This service of inquiry is accessible via a toll-free number or via WhatsApp.
Jio Platforms’s net profit jumped 47.5% ( YoY) to touch ₹3,508 cr for the quarter ended on March 2021. Operations revenue was at ₹18,278 cr, a 19% rise, compared to the corresponding quarter of 2020. The Reliance group-owned company’s subscriber base as of March 31, 2021 stood at 42.62 cr. Jio’s ARPU or Average Revenue Per User, stood at ₹138.2, which was lower than the December quarter’s figure of ₹151.
Reliance Industries has acquired an additional equity stake in a NASA incubated futuristic mobility company skyTran for $26.76 mn through its Reliance Strategic Business Ventures subsidiary. RIL’s stake in skyTran has increased from 12.7% to 54.46%. SkyTran has developed a patented, high-speed elevated Personal Rapid Transit (PRT) system that adjusts function jet-like pods which functions on Maglev technology.
Facebook, Google, and Infibeam have partnered with Reliance Industry to introduce a digital payment network in India. To create a competition for NPCI, India’s central bank invited companies to set up new umbrella entities, to reduce concentration risks in the space. An Assocham-PWC India study said, there could be a rise to $135.2 bn in digital payments in 2023. The RBI extended the last date for proposal submission for NUE applications to March 31.