29 Sept 2023
JioMart has been on a firing spree since May this year, and now it has shut down more than half of its fulfillment centers.
While JioMart battled shutting down to curb losses, Reliance Retail bought the Indian arm of German retailer Metro Cash and Carry for ₹2,850 crores. JioMart has fired over 1,000 employees, including 500 corporate executives, since May 2023 and has shut down over half of its fulfillment centers nationwide.
On the other hand, Reliance Retail has acquired 31 wholesale outlets and a complete real estate portfolio, including six stores. It also absorbed Metro’s 3,500 workers with overlapping profiles. In September 2023, Reliance Retail expanded Metro’s offerings from only B2B to direct customers. The retail giant already operates 52 B2B outlets under the brand ‘Reliance Market,’ which serves the Kirana stores and institutional consumers.
The move comes as JioMart was fighting massive losses and trying to survive in the highly competitive Indian retail domain. It is still trying to smoothen its operations and grow its online B2B business.