Brokerage IIFL Securities on Monday said Reliance JioMart, the new commerce venture that went live in May, could clock revenue of Rs 4,000 crore in its first year of operation. The assessment has been made on the basis of orders per day, which have been growing, it said.
While RIL Chairman Mukesh Ambani had said during the company’s annual general meeting last month that orders per day were 250,000, according to IIFL, the figure is now 400,000. The average transaction value is Rs 500, it said, on the platform and that Reliance was looking to scale up the operation, taking it beyond 200 cities.
Last week, brokerage Morgan Stanley had said that JioMart was poised to sell half of all online grocery in the next few years, led by significant investment by the company.
Ambani has already indicated that Reliance Retail and JioMart had received strong interest from global strategic and financial investors and that they would be inducted in the quarters ahead.