Mukesh Ambani-led RIL’s new arm JioMart will take on Amazon and Flipkart but with a different warehousing-less strategy aided by a tech acquisition spree.
Mukesh Ambani-led Reliance has been on a tech investment spree with firms like Fynd and Asteria, and though it’s not out in the open, the pattern similar to Amazon’s investment approach suggests the Indian Mogul is gearing up to challenge Jeff Bezos’s monopoly in the e-commerce domain.
Reliance Brands said on Thursday it has completed the acquisition of 100 per cent stake of Hamleys Global Holdings Ltd (HGHL), the British toy retailer, for 67.96 million pounds (about Rs 580 crore).
Reliance Brands acquired British toy major Hamleys | 269 years old company| A cash deal of 68 million Euro Mukesh Ambani-led Reliance Brands (a subsidiary of RIL) acquired British toy major Hamleys for £68 million ($88.6 million approx). Reliance Brands…