Reliance Retail, India's largest quick-commerce player, has detailed a three-year growth plan for its online business, with CFO Dinesh Taluja stating the company will invest in JioMart infrastructure and omni-channel reach, even as margins face pressure from rising technology and dark-store investments, according to an earnings call reported by ET Retail.
Investment in JioMart and Dark Store Expansion
Taluja said the company will "expand dark stores" and "grow JioMart" as part of its FY27 roadmap. JioMart currently operates a hybrid model with 3,100+ physical stores and 600+ dark stores, servicing 1,200+ cities and covering 5,100 pin codes. The focus is on improving operational metrics around availability, speed, and reliability, with a market-by-market approach to achieving positive unit economics. "Each market, the unit economics, we need to have a clear path to positive unit economics. Accordingly, we are evaluating each and every market and focusing our investments in that manner," Taluja explained.
Omni-Channel Strategy and Customer Value
Reliance Retail is integrating its online and offline channels. The company reported strong traction from its omni-channel strategy: omni-channel customers spend about 2.7 times more than pure offline customers, and their spending has grown 20–25% year-on-year. AJIO, AJIO Rush, and the store network are managed as one omni-channel proposition. AJIO Rush, a fashion quick-commerce service delivering within two to four hours, recorded order volumes rising 136% sequentially during the quarter. Additionally, AJIO Luxe now offers 1,000+ brands, expanding participation in premium consumption, as per an earnings presentation. Average daily digital orders more than doubled, growing 116% year-on-year in the quarter.
| Metric | Value |
|---|---|
| Physical stores | 3,100+ |
| Dark stores | 600+ |
| Cities served | 1,200+ |
| Pin codes covered | 5,100 |
| Omni-channel spending vs offline | 2.7x more |
| Omni-channel spend growth (YoY) | 20–25% |
| AJIO Rush order volume growth (QoQ) | 136% |
| Average daily digital orders growth (YoY) | 116% |
Path to Profitability and Unit Economics
Taluja noted that the current year is about laying a strong foundation with disciplined growth, emphasizing customer quality over volume. The company has set internal targets around order density at dark stores, repeat purchase rates, fulfilment costs, and contribution margins, and will calibrate investments based on performance. By FY28 and FY29, Reliance Retail expects to convert scale into value by increasing repeat rates, basket size, and customer lifetime value, with an ambition of "2x Operating EBITDA". The company plans to improve profitability through a higher share of private labels, increased monetisation opportunities, and greater marketplace income. "We will use all these levers to improve economics, which will start reflecting meaningfully in the numbers over the next two years," Taluja said.
Implications for B2B Marketplace Partners
For B2B marketplace operators and logistics managers, Reliance Retail's scale and investment in dark stores and omni-channel infrastructure signal a tightening of the competitive landscape in Indian e-commerce. The focus on unit economics and repeat purchases means suppliers and logistics partners may face increased pressure to meet fulfilment cost and density targets. The growth of JioMart's hybrid model—combining physical stores and dark stores—offers opportunities for third-party logistics providers and marketplace sellers to integrate with a rapidly expanding platform. However, the emphasis on private labels and marketplace income could reduce opportunities for third-party brands if Reliance Retail prioritises its own labels. Marketplace operators should monitor Reliance Retail's evolving fee structures and fulfilment requirements as it scales.
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