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February 6, 2026
Anees Hussain and Kartikay Kashyap, Financial Express / Brand Wagon
6 February 2026
Swiggy Instamart’s Noice has consciously rejected every aesthetic that defines platform house brands. Its visual identity doesn’t sport minimalist colours or whites, no clean sans-serif, no ‘discount alternative’ signalling. Instead it uses Indian truck art inspired design with neon colours and bold text. That design architecture also personifies Swiggy’s big gamble.
Noice isn’t just a private label chasing margin expansion. It’s a differentiation play by a company that’s losing ground in a war in which being faster and cheaper is no longer enough. Early data suggests that Noice is finding traction. In namkeens, sweets, and western snacks, Noice holds a 4.4% market share on Instamart as of December 2025, competing against category leaders like Haldiram’s (16.7%) and Lay’s (9%), according to 1digitalstack.ai. This segment generated between ₹41-60 crore per month in the September-December period, with Noice’s share translating to roughly ₹1.8-2.6 crore a month. In beverages (fruit juice, mocktails, energy drinks, tea, coffee and soda), Noice more than doubled its platform sales share -from 2.6% in July to 5.8% by December. The brand now ranks 12th overall, ahead of Coolberg and gaining on established players. Category leader Real’s share fell from 12.3% to 9.5% over the same period. The beverage category generated ₹13,920.3 crore per month during July-December, with Noice’s December share of 5.8% representing about ₹88 lakh in monthly sales. Modest but shows velocity.
Bhushan Kadam, senior vice president, White Rivers Media, says the platform enjoys certain struc-tural advantages: “Swiggy has a credible shot at building Noice into a meaningful private label play because quick commerce (q-commerce) in India is still in a high-growth phase and Swiggy already has the scale, infrastructure, and customer base to drive repeat consumption.”
Swiggy’s own performance with private labels on q-commerce has been positive. Its Supreme Harvest brand, spanning pulses, oils, spices, and dry fruits has achieved just over 20% platform penetration, accord-ing to 1digitalstack.ai. The broader private label landscape offers both encouragement and caution. Tata Digital-owned BigBasket (BB) remains the clear winner, with private labels accounting for nearly 33% of its total revenue. But BB has a crucial advantage: Sourcing infrastructure inherited from Tata’s retail operations that provides scale – and supply chain depth that pure-play q-commerce platforms are still only building.
Noice isn’t Swiggy’s first experiment with owned brands. In May 2025, the company sold its cloud kitchen brands – The Bowl Company, Homely, Soul Rasa, Istah – to Kouzina Food Tech after years of trying to operate its own restaurants. Those brands required Swiggy to manage kitchens, hire chefs, and compete with thousands of independent restaurants. Unit economics never worked out.
Noice represents a fundamentally different model. Instead of large manufacturers optimised for extended shelf lives, Noice works with regional food makers producing in small batches. Launched mid last year with 200 SKUs across 40 manufacturers, it has expanded to over 350 products from 60 makers across 20-plus categories. Packaged versions of items like paneer and rasgullas from the mithai shop fail to resonate with consumers because they might use preservatives and taste artificial. Other offerings include biscuits made with butter instead of margarine, Punjabi lassi with seven-day shelf life delivered everyday like milk.
“Noice seems to be purpose-built for q-commerce: Impulse driven categories, low switching costs and algorithmic discovery. That alone fixes the biggest flaw of Swiggy’s past private label experiment,” says Ankur Sharma, cofounder, Brandshark. It is trying to do things for which customers come back to the platform – “products that are not there on any other platform”, adds Satish Meena, advisor, Datum Intelligence.
Uphill climb
Unlike other private label brands owned by Blinkit and Zepto who largely deal in non-perishable products, Swiggy-owned-Noice currently has a 50-50 split between perishable and non-perishable categories. Perishable products fetch 25-45% margins compared to 15-25% on non-perishable private labels and just 10-15% on third-party FMCG brands. Short shelf lives that enable freshness also mean higher wastage risk if demand forecasting fails. The solution Swiggy is testing hinges on shifting the capex risk entirely to small manufacturers while using its distribution scale as a leverage.
That apart, competition in q-commerce has intensified sharply over the past year. Reliance Retail’s JioMart, Flipkart Minutes, and Amazon Now have entered meaningfully with aggressive pricing. Zepto slashed minimum order values and waived customer fees at ₹149. Swiggy waived platform fees – but only on higher-value baskets at ₹299, essentially ceding low-AOV (average order value) products that drive frequency. In the meantime, market leader Blinkit’s gross order value reached nearly twice that of Instamart’s.
In q-commerce’s brutal pricing war, it is execution that will determine if Noice becomes a genuine differentiator or just another private label. “Proving Noice is not ‘just another’ private label would be the biggest challenge for the company,” says Devangshu Dutta,, founder and CEO, Third Eyesight.
(Published in Financial Express/Brand Wagon)
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January 30, 2026
Vashnavi Kasthuril, MINT
Mumbai, 30 January 2026
Reliance Consumer Products Ltd (RCPL) plans to enter the bottled iced tea market this coming summer with the relaunch of “Brew House”, three people close to the development told Mint. The people added that the brand—for which the company received approval on 23 July 2025, according to the commerce ministry records—is expected to be relaunched within the next two months. The oil-to-retail conglomerate acquired the brand in 2024 for an undisclosed amount.
The iced teas will be launched in two flavours, lemon and peach, for an entry price of ₹20 for a 200ml bottle, according to two of the three people. “The product was initially supposed to be launched for ₹10 for a 200ml bottle, but after the goods and services (GST) recast, the ready-to-drink segment falls under the ~40% GST bracket, so the company decided to start with ₹20 instead,” said one of the three people, all of whom spoke on the condition of anonymity. RCPL did not immediately respond to Mint’s emailed queries. However, multiple distributors also confirmed to Mint that “Brew House” will launch within the next two months.
FMCG ambitions
Apart from relaunching Brew House, RCPL is also evaluating launching other niche-category drinks. RCPL is also working on several new concepts, such as kombucha, prebiotic sodas, and ayurvedic drinks. RCPL now has the focus and capability to build a specialized route to market for these kinds of offerings. RCPL’s larger ambition is to be a full-scale fast-moving consumer goods (FMCG) company, spanning categories across home care, food, beverages, and snacks, said the second person.
In August 2025, RCPL, the packaged consumer goods arm of Reliance Industries Ltd, acquired a majority stake in a joint venture with Naturedge Beverages Pvt. Ltd, the Mumbai-based company behind the herbal functional drink Shunya. Shunya offers zero-sugar, zero-calorie herbal beverages infused with Indian super-herbs such as ashwagandha, brahmi, khus, kokum, and green tea across India.
“When Reliance acquires a brand, one can be sure of product innovations, and you will see the same here,” said the third person. To be sure, the company has expanded its beverage portfolio to include a diverse range of beverages across mass and value segments, ranging from carbonated soft drinks under the Campa brand to packaged drinking water, sodas, mixers, energy and sports drinks, and traditional Indian refreshments such as nimbu pani, fruit beverages, and milkshakes. RCPL is also present in packaged foods through brands such as SIL, which sells noodles and other staples.
Brew House was launched in May 2017 by Siddhartha Jain under Positive Food Ventures Pvt. Ltd in Gurugram as a premium ready-to-drink iced tea brand positioned as a healthier alternative to carbonated and sugar-heavy beverages. It differentiated itself through real, whole-leaf brewing, lower sugar content and the absence of preservatives. Targeting urban, health-conscious consumers, the brand initially built distribution through cafés, hotels, restaurants, multiplexes and airports before expanding into modern trade and online channels. Its portfolio included flavours such as lemon and peach, sold in 300-350ml glass or premium PET bottles priced at ₹40-80. Singapore-based Food Empire Group later acquired a majority-stake to scale operations, before RCPL acquired the brand in 2024 for an undisclosed amount.
“The relaunch has been a bit slow. It’s available in small batches at Reliance Retail stores for now, but the company’s waiting for the right product, price point, and strategy before scaling it up. Over 2025, the focus has been on building distribution through larger beverage categories and investing in back-end capabilities, including automatic brewing equipment,” said the third person. RCPL has focused on building distribution through larger categories first. It’s difficult for a small, standalone brand to create reach, but a broad portfolio allows scale. Once that foundation is in place, the company can create a separate vertical for niche beverages like iced tea, the person added.
The niche drinks market
The ready-to-drink (RTD) iced tea category in India has long been shaped by major multinational brands and legacy beverage players, though it has remained a relatively niche segment compared with carbonated drinks. Hindustan Unilever Limited and PepsiCo first introduced Lipton Ice Tea in the country in the early 2000s through a joint venture, but the product was pulled back after an initial launch as consumers at the time were not widely ready for iced tea. It was later reintroduced in select markets with PET bottle formats in flavours such as lemon and green tea variants in 2011.
Coca-Cola and Nestle’s joint venture, Nestea, also experimented with bottled lemon RTD iced tea in the early 2010s, initially available in 400ml packs at around ₹25, before its broader rollout was scaled back while the JV evaluated consumer feedback. Aside from multinational brands, Indian companies such as Wagh Bakri have sold iced tea products, including peach-flavour premix packs, retailing around ₹95-100 for 250gm sizes online, though these are often powder mixes rather than RTD bottles.
Currently, Lipton’s bottled RTD iced tea is available in 350ml packs online at roughly ₹60, while powdered iced tea mixes such as Nestle’s 400gm pouches are priced at ₹200-230. In contrast, RCPL’s relaunch of Brew House will be brought to market in 200ml PET bottles at ₹20, undercutting these legacy players and signalling an aggressive pricing strategy.
To be sure, RCPL used a similar strategic playbook when it relaunched Campa Cola, one of India’s once-iconic soft drink brands. Campa, first introduced in the 1970s and marketed with the slogan “The Great Indian Taste”, was a household name in the pre-liberalization era but faded in the 1990s after global giants Coca-Cola and PepsiCo entered the market. Reliance acquired the brand from Pure Drinks Group in 2022 for around ₹22 crore and formally relaunched it in 2023 with variants such as Campa Cola, Campa Lemon, and Campa Orange, initially through its own retail channels and then nationwide.
Reliance’s move into iced tea aligns with its broader FMCG and retail strategy of identifying categories with long-term growth potential, according to Devangshu Dutta, founder of Third Eyesight and co-founder of PVC Partners. While iced tea remains a niche within India’s overall beverage market, Dutta said it is seeing steady, organic growth, driven by the rise of cafe culture, increased eating out, and younger consumers’ demand for non-alcoholic alternatives. “Whether it’s consumed as a standalone iced tea or used as part of a cocktail or some kind of concoction, it’s a category that’s seeing increasing interest,” he said.
Reliance’s key advantage, Dutta added, lies in its distribution muscle and captive shelf space across its retail network, which allows it to scale new products more effectively than smaller, standalone brands. “Anything they put on those shelves and price well becomes an opportunity for growth,” he said, adding that the entry of a large player like Reliance is likely to expand the overall market rather than intensify competition.
(Published in Mint)
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January 7, 2026
Writankar Mukherjee & Shabori Das, Economic Times / Brand Equity
7 January 2026
There’s a renewed sparkle in the adage ‘Old is Gold’ at India’s biggest conglomerate Reliance. Banking on Indians’ nostalgia, it is hawking and reviving labels that once defined everyday life, Campa and BPL among them, to set its consumer venture’s cash registers ringing.
What started with sales of Rs. 3,000 crore in FY24, Reliance Industries’ fast-moving consumer goods (FMCG) business quickly accelerated towards Rs. 11,500 crore the following year. With a staggering Rs. 5,400 crore posted in the July to September FY26 quarter alone, the revival story is clearly striking a chord with consumers. But Campa, already the largest contributor to the Reliance Industries’ FMCG business, is only the beginning.
The company is injecting fresh life into acquisition of legacy brands such as Ravalgaon in confectionery and Velvette in personal care. Reliance is applying the same formula to the consumer electronics business, covering televisions, refrigerators and washing machines. Once a staple of Indian households, Kelvinator and BPL are being reintroduced.
Strategy Rings a Bell?
Driving this revival is a strategy Reliance knows well: aggressive pricing that is often 20 to 30% lower than competitors, offering generous trade margins to woo retailers, and a rapid expansion of distribution from its own stores to kiranas and local outlets, alongside local sourcing and an expanding product portfolio.
It’s a playbook that once created waves in the telecom market; this time, however, it comes with a generous dose of nostalgia.
The path ahead though may not be easy. While Campa may have yielded results in a category linked to instant gratification, electronics is a high-ticket, long-term purchase. Marketers are debating whether consumers in their 20s and 30s—spoilt for choice by global brands—would choose a Kelvinator refrigerator, a BPL TV or a Velvette shower gel over LG, Samsung, Dove or Fiama.
Deep Pockets and Retail Muscle
Reliance, experts say, has two advantages— its balance sheet and strong market presence with its own retail stores. “Reliance has the intent to dominate a market in whatever business it enters. Their brands in FMCG and electronics too have a more-than-decent chance of surviving and thriving,” says Devangshu Dutta, founder and chief executive of Third Eyesight, a consultancy in consumer space.
“As long as they have capital and management capability, they may cut their teeth,” he says.
The company is approaching the FMCG and electronics businesses in startup mode, but with deep pockets. As a Reliance executive explains, the strategy is to invest and invest more, gain market share, continue to absorb losses and after achieving scale, drive efficiencies to generate profit.
The path has been carved out. Reliance Consumer Products (RCPL), the FMCG business entity and what started as a unit of Reliance Retail Ventures, is now a direct subsidiary of Reliance Industries. This shift will help the company raise funds independently and eventually launch an initial public offering (IPO), and drive valuation independent of retail. The electronic business may follow suit as it grows in scale.
Reliance did not respond to Brand Equity’s queries.
Electronics: A Tough Play
Industry executives say the electronics foray will not be an easy battle against international brands. Global brands enjoy strong appeal in the Indian market, and companies such as LG, Samsung and Sony have been present for over two decades, cementing their position. Even the newer ones like Haier and Voltas Beko are rapidly gaining market share.
Pulkit Baid, director of the electronics retail chain Great Eastern Retail, says that unlike the cola industry, where two large players (Coca-Cola and PepsiCo) dominate, consumer durables are highly fragmented. “Kelvinator enjoys the brand heritage of an Ambassador car. But we will have to see if the brand is welcomed by Gen Z with the same euphoria as Campa.”
Industry veteran Deba Ghoshal notes that very few legacy brands have been able to withstand the onslaught of new-age brands in consumer electronics. Voltas (from the Tatas) and Godrej are exceptions, he adds.
“Reliance Retail has the strategic foresight to re-establish legacy brands in consumer durables space, instead of chasing a standalone private label business,” adds Ghoshal. “There is a strong opportunity in BPL and Kelvinator, provided they are re-launched with strong value and engaging emotive hooks, and not restricted to being a price warrior. Reliance has the capability; it just needs the right strategy.”
Reliance is readying campaigns for BPL and Kelvinator to connect with the younger consumers. The company is planning to re-launch them beyond Reliance Retail stores—targeting regional retail chains and e-commerce platforms and expanding quickly into smaller towns. With India’s electronics penetration still low—15 to 18% for flat-panel TVs, 40% for refrigerators, 20% for washing machines and less than 10% for air conditioners (ACs)—Reliance has substantial headroom for growth.
Angshuman Bhattacharya, partner and national leader for consumer products and retail at EY India, says Reliance may focus on tier two and three cities. “These markets have been a low priority for the Samsungs and LGs because they want to play in the premium segment where margins are higher. That is where Reliance may expand the market. It requires a lot of capital in terms of inventories and distribution, and Reliance has the ability and potential to do so.”
FMCG: Ball is Rolling
The FMCG push is gaining strong momentum. Reliance plans to double its distribution to three million outlets this fiscal.
Over the next three years, it looks to invest Rs. 40,000 crore to create Asia’s largest integrated food parks and has already invested Rs. 3,000 crore in manufacturing.
Isha Ambani, who spearheads Reliance’s retail and FMCG businesses, drew attention to Campa’s comeback at the company’s AGM in August: “Campa-Cola now holds double-digit market share across many states, breaking a 30-year MNC duopoly of Coca-Cola and PepsiCo. Campa Energy gained two million social media followers in just 90 days.”
Her target is bold: To reach Rs. 1 lakh crore in FMCG revenue within five years and become India’s largest FMCG company with a global presence.
Market watchers say such high ambitions require high investments. Kannan Sitaram, co-founder and partner at venture capital firm Fireside Ventures, said a company like Hindustan Unilever would set aside at least `30-40 crore to launch a brand. “Advertising and marketing alone would take up more than half of that. And when you are re-launching a brand which has not been around for a long while, the spending tends to be 25 to 30% higher in the initial three to four months,” he says.
Yet, analysts believe Reliance is in the consumer brands business for the long term. Bhattacharya says whatever Reliance has learned in this short time is meaningful and serious, something nobody else has managed.
Mover and Shaker
Competitors, including Tata Consumer Products, Dabur and PepsiCo’s largest bottler in India Varun Beverages, have acknowledged the turbulence created by Reliance in the FMCG sector. But the industry hopes low penetration levels will ensure there is room for everyone.
Varun Beverages chairman Ravi Jaipuria did not mince his words in the company’s latest earnings call in October-end: “They (Reliance) have woken all of us up and we are becoming more attentive… it is a very healthy sign for the country because our per capita consumption is so low that in the next five to 10 years, this market may double or triple…there is a huge room, and we see only positives in this.”
The revival of legacy brands and aggressive push into FMCG and consumer electronics indicates that Reliance is preparing for the long haul. In this fight driven by nostalgia, competitive pricing, deep pockets and distribution muscle, the battle for shelf space has just begun.
(Published in Economic Times/Brand Equity)
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December 7, 2025
Gargi Sarkar, Inc42
7 December 2025
The past year has been nothing short of monumental for LensKart — from reporting another operationally profitable quarter in Q2 FY26 to making the public markets leap in November, and crossing a market capitalisation of INR 70,000 Cr despite a muted stock market debut.
A clear shift this year has been Lenskart’s effort to move beyond the image of a ‘basic D2C eyewear’ brand selling prescription glasses and sunglasses. The company is now working to reposition itself as a new-age tech brand.
Further, Lenskart is rethinking where and how its products are manufactured. Currently, around 20–25% of its frames are reportedly manufactured in India. The company is ramping up its domestic production. As a new manufacturing facility in Telangana is a work in progress, Lenskart intends to gradually shift most of its manufacturing operations from China to India.
In many ways, 2025 has been about scaling up for Lenskart, and as it embarks on a fresh journey as a publicly listed company, let’s take stock of the company in 2025 and where it might be headed in 2026.
Lenskart’s Smart Eyewear Bet
Lenskart began its smart eyewear journey last year with the launch of Phonic, its audio glasses. It later deepened its push into the segment by announcing a strategic investment in Ajna Lens, a Mumbai-based deeptech company that develops AI-powered XR glasses. Back then, Peyush Bansal described the move as the “next chapter” in Lenskart’s smart glasses journey.
Cut to December 2025, the company is all set to launch its AI camera smartglasses, B by Lenskart, by the end of this month.
What makes B by Lenskart noteworthy is that it isn’t being marketed as just another pair of smart glasses. The new eyewear features an integrated Sony camera that enables hands-free photo and video capture. The glasses come with a built-in AI assistant powered by Gemini 2.5 Live. They are designed to offer natural, conversational interactions and pack in a range of advanced features — from hands-free UPI payments and live translation to wellness insights and more.
What makes the move even more significant is Lenskart’s decision to open B by Lenskart to India’s developer ecosystem. By making its AI and camera technology accessible to consumer apps and independent developers, the company is enabling integrations across categories such as food delivery, entertainment, and fitness.
“By opening its AI smartglasses to third-party developers, Lenskart is moving from a one-time product-sale model to a platform ecosystem model. In the long run, this could unlock recurring revenue streams and higher margins,” said a product developer.
Besides, the company is aligning itself with a younger customer cohort, aided by affordability, style, and technology.
“That’s what seems to define their current strategy. Over time, they’ve also brought in elements of innovation like virtual try-ons, and any product, feature, or service that brings novelty and appeals to younger customers has become part of their brand approach,” said Devangshu Dutta, the founder of Third Eyesight.
Next, the timing couldn’t be better for Lenskart to place its bet on smart glasses. An IDC report reveals that despite a slowdown in smartwatch and earwear segments in the second half of 2025, smart glass shipments shot off more than 1,000% over the last year.
However, it’s not going to be smooth sailing from here.
At its core, Lenskart is still a consumer-facing company, and it needs new products to keep its revenue growing. But the competition is already heating up. Jio unveiled its own AI-powered smart glasses, Jio Frames, at Reliance Industries’ 48th annual general meeting. And of course, Meta continues to lead the global smart glasses market.
At this point, smart eyewear is a niche category, which comes with a hefty price tag.
“Unless cost drops dramatically, mass adoption is still a distant dream. As of now, the product will only attract early adopters and tech enthusiasts, rather than the mainstream consumer,” Dutta adds.
Lenskart’s Make In India Push
Lenskart is not only widening its product range but also ramping up its manufacturing. The company currently operates centralised manufacturing facilities in India (Bhiwadi in Rajasthan and Gurugram in Haryana), Singapore, and the UAE. It also has manufacturing operations in China.
Back home, Lenskart has also signed a non-binding MoU with the Government of Telangana for setting up a greenfield manufacturing facility for optical glasses. The proposed investment stands at INR 1,500 Cr and will be supported by certain incentives and assistance from the state government.
The new production facility is expected to strengthen Lenskart’s domestic manufacturing capabilities while reducing its exposure to foreign exchange fluctuations and import-related volatility.
However, the expansion comes with its own set of challenges. While the new manufacturing plant in Telangana is expected to strengthen Lenskart’s vertical integration, it will come with a hefty cost burden.
Profitability Still A Troubling Question
The cost structure is becoming increasingly important for Lenskart. Despite its headline-grabbing profitability, the company is still operating on fairly thin margins.
Lenskart reported a net profit of INR 297 Cr in FY25, a notable turnaround from a loss of INR 10 Cr in FY24. However, market analysts caution that the business’ core operations were unprofitable. It was largely “other income” or investment income that drove the FY25 bottom line.
“Though Lenskart has increased its revenue from INR 3,789 Cr in FY23 to INR 6,651 Cr in FY25, the company’s profitability has largely improved due to a rise in other income. While it reported a PAT of INR 297 Cr in FY25, a closer look shows that the profit was driven significantly by an increase in other income, which jumped to INR 356 Cr in FY25,” SimranJeet Singh Bhatia, senior research analyst for equity at Almondz Group.
The point of concern here is that Lenskart turned operationally profitable only after its market debut. Bhatia believes that at least three to four quarters of consecutive profitability will be needed to prove the company’s underlying strength.
However, making matters worse are the company’s climbing expenses, which stood at INR 1,980.3 Cr in Q2 FY26, up 18.5% YoY.
What Lies Ahead?
The year was equally sour for the eyewear major. While its IPO generated significant buzz and saw strong subscription levels, its market debut turned out to be a muted affair.
At the upper end of its INR 382 to INR 402 IPO price band, the public issue implied a price-to-earnings (P/E) multiple of roughly 235–238 times its FY25 profits, placing it among the most expensive consumer tech listings in India.
On its first day of trading, Lenskart Solutions Ltd. was listed on the NSE at INR 395 per share, a discount of 1.74% to the issue price of INR 402. The stock, however, fell close to 9% shortly thereafter. On the BSE, it debuted at INR 390, marking a discount of nearly 3%.
After the IPO, Bhatia adds, the biggest concern surrounding Lenskart is the store-level unit economics, particularly because a significant share of the IPO proceeds is being directed toward expanding its company-owned, company-operated store network.
Entering the new year as a public company, Lenskart will have to prove that its scale-up plans are justified and that it has greater control over its balance sheet. 2026 will be a critical juncture for the company, as the next three to four quarters will be closely watched for signs of sustainable growth, improved margins, and stronger operational discipline.
[Edited by Shishir Parasher]
(Published in Inc42)
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November 18, 2025
Chris Kay, Krishn Kaushik and Andrea Rodrigues in Mumbai
Nov 18 2025
Just before dawn, Kashif Sameer joins dozens of couriers zipping across Mumbai to deliver items stocked in a basement of a shopping mall run by Reliance Industries.
“I make between 20 and 30 deliveries in a day,” said the 25-year-old, who had just driven a mile across the chaotic roads of the Indian megacity to drop off groceries ordered 15 minutes earlier. “It is very popular with customers.”
The buzzing activity at the so-called dark store, a mini-warehouse operated by Reliance’s ecommerce platform JioMart, is part of a renewed push by the conglomerate’s chair and Asia’s richest man, Mukesh Ambani, to reassert his company’s position in India’s retail market.
It has added hundreds of dark stores to operate a total of nearly 20,000 physical outlets this year — almost double its pre-pandemic size — as it battles for dominance against Blinkit, Swiggy and Zepto in the country’s ballooning quick-commerce market.
“It’s a question of who runs out of money first,” said Arvind Singhal, chair of retail consultancy The Knowledge Company. “We will see some kind of a shakeout.”
Despite its large network of physical stores, Reliance has yet to corner the domestic consumer market like it did with telecoms a decade ago. It faces entrenched competition from established domestic and international rivals, as well as millions of kiranas, family-run convenience stores.
The sprawling Tata Group operates a wide range of consumer businesses, while global multinationals such as Unilever and Nestlé are important players in India’s household goods market.
Reliance Retail, the division that contains all of the conglomerate’s consumer-facing units, had shed tens of thousands of employees and closed underperforming stores following a bloated build-out during the Covid-19 pandemic and slowing middle-class spending.
But India’s most valuable company, which has a market value of more than $225bn and operates across oil refining, telecoms and entertainment, is expanding its retail reach again.
Reliance Retail’s latest results point to a rebound. In the quarter ending September, the unit reported revenue of about $10bn and profit of $390mn, up 18 and 22 per cent respectively from the previous year.
“Reliance’s scale in retail now is unmatched in India,” said Devangshu Dutta, chief executive of consumer advisory company Third Eyesight, in reference to the breadth of the conglomerate’s business. “This scale is unique in India and rare in global retail.”
Ambani’s retail ambitions are being led by his 34-year-old daughter, Isha. In August, she detailed plans for Reliance’s consumer brands subsidiary, which has a portfolio including Lotus Chocolate and the recently revived nostalgic Indian soft drink Campa Cola, to reach $11.7bn in revenue within five years.
Ultimately, the goal was to “become India’s largest FMCG company with a global presence”, said Isha Ambani during Reliance’s annual meeting.
The company told the Financial Times that it continued to “reinforce its position as India’s largest retailer, expanding its nationwide network”.
While Ambani originally indicated that he wanted to list Reliance Jio Infocomm, the telecoms unit, and Reliance Retail by 2024, people familiar with the company said the retail unit was not ready to go public. The billionaire said the Jio listing could happen in the first half of next year.
“Competitive intensity in every category in the discretionary retail side has picked up very sharply,” said Karan Taurani, executive vice-president at Elara Capital, who does not expect Reliance Retail to float for at least two years. “New competitors, new brands have come in and they are challenging the larger incumbents.”
The Ambanis, who operate as gatekeepers for foreign companies seeking access to India’s massive but challenging business landscape, have sought to cement their position through a spate of partnerships with western retail brands.
Foreign brands including West Elm, Pottery Barn and Superdry have stores in Reliance’s shopping malls in upmarket Mumbai. However, those joint ventures have largely struggled to gain traction with shoppers in India, where the per capita income remains less than $3,000.
The conglomerate’s foreign brands business housing these joint ventures lost Rs2.7bn ($30mn) in the financial year through March 2025, according to the latest available accounts. The Knowledge Company’s Singhal called Reliance’s push to bring international names to India “a vanity project”.
Reliance’s high-profile partnership with fast-fashion retailer Shein has also been underwhelming. The company returned to India this year under Reliance’s wing after being booted out in 2020 when relations between New Delhi and Beijing soured following military clashes along their disputed border.
Shein’s app has been downloaded just 11mn times, according to market intelligence firm Sensor Tower. Its discount prices are largely matched, if not undercut, by many Indian ecommerce and fashion retailers, say analysts.
Reliance is investing heavily in quick commerce, where deliveries are promised in 30 minutes or less. Bank of America estimates the market could reach $128bn by 2030.
The field is at present dominated by Blinkit, Swiggy and Zepto, which together control more than 90 per cent of the quick commerce delivery market and compete with Amazon and Walmart-owned Flipkart. None of the companies are profitable.
The Ambanis are eager to catch up. Over the past six months, Reliance has built about 600 dark stores across cities to plug gaps in its vast store network. By contrast, market leader Blinkit operates about 1,800 dark stores.
In quick commerce, “we have to be there because everybody is”, said a person close to the conglomerate. “It is a long-term strategy.”
On a call with analysts last month, Reliance Retail’s finance chief Dinesh Taluja admitted to delays in entering quick commerce. But he insisted that Reliance offered better prices, more variety and wider reach across smaller Indian cities where it is often the only formal retailer.
“The competition today is mainly in the top 10, 20 cities,” Taluja said. “We are present in almost a thousand cities. Competition will take many years to reach where we already have a head start there.”
Still, Reliance was facing an uphill battle, warned Elara’s Taurani. “JioMart is making a late entry,” he said, “it will be very tough to disrupt players here.”
(Published in Financial Times, all copyrights owned by FT)
