Reliance Retail Handles 57% of Top 50 Online Store Revenues in India

Given the prevalence of marketplace operators like Walmart and Amazon, Indian eCommerce is one of the playing fields of international influence. Currently, Indian eCommerce is growing at a rate of around 20%, and it is expected to continue expanding by 17% in the years ahead, making it a haven for online investment.

However, the Indian government has introduced regulations that restrict foreign direct investment (FDI) in multi-brand retail. Foreign eCommerce companies, such as Amazon and Walmart-owned Flipkart, face limitations on owning first-party (1P) inventory directly and selling through entities they control.

These regulations strengthen domestic players like Reliance Retail, Ltd., which powers a majority of revenues among India’s top 50 1P online stores.

Reliance Retail Is Among India’s Most Recognized Brands

Reliance Retail operates a network of supermarkets in India, for which it is best known. It is operated by Reliance Industries, which has a presence in many other market segments. These segments include natural resources, making Reliance Industries one of the most valuable companies in India with significant financial power.

This background contributes to Reliance Retail's strength in eCommerce. It has many subsidiaries, both physical and online, that provide India with various product categories. Its combination of physical stores and eCommerce gives Reliance Retail a wider reach than one channel alone could provide. Here is a closer look at its online portfolio.

Fashion Online Store Ajio.com Generates Highest Net Sales

Three online stores stand out in particular: ajio.com, jiomart.com and reliancedigital.in. Reliance Retail established the first two as pure eCommerce platforms, while Reliance Digital is the online store branch of an extensive physical electronics store network.

Of all subsidiaries of Reliance Retail with an annual eCommerce net sales value over US$50 million, ajio.com generates 42.8% of total revenues. The fashion online store generated Reliance Retail’s highest eCommerce net sales, at US$2.5 billion, and is also India's number one 1P online store. Of the top 50 online stores, ajio.com accounts for 20% of eCommerce net sales.

Jiomart.com and RelianceDigital.in 3rd and 4th Largest

Jiomart.com follows not too far behind ajio.com as the second-largest online store in India. It accounts for 32.9% of Reliance Retail's online stores and 19.0% of the top 50 online stores in India.

Established one year before the outbreak of the pandemic, jiomart.com is an online grocery store that came at the right time to meet the need for online grocery solutions. Although the eCommerce store contracted by 12.3% in 2024, it is expected to regain growth and surpass $2 billion in online net sales by 2026.

In addition to these two pure-play eCommerce companies, there is Reliance Digital, the online branch of Reliance Digital’s physical electronics store network. Ranked fourth among eCommerce stores, Reliance Digital generated over US$1.1 billion in online net sales, representing 14% of the top 50 online revenues in India.

Other Stores in Reliance Retail Portfolio Are Numerous But Less Significant

In fact, Reliance Retail operates many smaller subsidiaries with net sales with some multiple millions of dollars. This analysis only includes stores with revenues above US$50 million.

Zivame.com, a fashion store with net sales of US$109 million in 2024, is ranked within the top 50 online stores in India. Following are Netmeds.com and Urbanladder.com, with respective net sales of US$86.4 million and US$76.9 million. Zivame ranks 18th, Netmeds ranks 21st, and Urban Ladder ranks 27th.

With fashion, health care, and furniture as their respective product categories, Reliance Retail's portfolio is widespread. Smaller stores with revenues in the millions are excluded from this analysis. It includes many fashion and international collaborations.