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Reliance Retail plans 2028 IPO; qcomm growth to form key pillar
India's largest retailer, Reliance Retail, is gearing up for an initial public offering (IPO) by 2028, with an expansion strategy that emphasises profitability and growth in the booming quick commerce space.
As part of this, Reliance plans to add around 2,000 stores annually, and focus on reducing debt from over Rs 53,000 crore to about Rs 20,000 crore.
Here's a look at what has happened so far.
Qcomm ramp-up
Reliance chose to sit out the 10-minute delivery race, where it would go up against incumbents Zepto, Eternal-backed Blinkit, and Swiggy Instamart. Instead, it launched a 30-minute delivery model through JioMart last year, using its own outlets and almost 20 lakh kirana stores that sourced products from the company to fulfil deliveries.
Starting with groceries, it ventured into apparel, accessories, and electronics. In the March quarter this year, the company said its local deliveries covered 4,000 pincodes.
Reliance Retail CFO Dinesh Taluja told analysts during the September quarter earnings call that JioMart has an extensive physical store network and will be setting up more dark stores.
Dark store count
As of September 2025, Reliance Retail had 600 dark stores, the company said, adding that JioMart had registered a 42% quarter-on-quarter and over 200% year-on-year growth in average daily orders.
Per the earnings statement, the number of pincodes it covered had increased to 5,000, supported by 3,000 stores in more than 1,000 cities.
As it prepares for a listing, Reliance Retail plans to add more dark stores in the top seven cities.
Strategic advantages
In tier-II and tier-III cities, where rivals have limited presence, Reliance's existing store footprint gives it a competitive edge, analysts told ET.
"In urban / metro areas, Reliance is a late entrant in quick commerce and hopes to compete with incumbents on the basis of its infrastructure rollout and greater SKU breadth," JP Morgan analyst Sanjay Mookim said.
Reliance is banking on its competitive prices and a larger assortment as its differentiator, which is largely dominated by the trio of Blinkit, Zepto, and Swiggy Instamart.
The quick delivery space has been buzzing, with all players raising capital to fund their growth plans. Swiggy launched its Rs 10,000-crore qualified institutional placement (QIP) earlier this month, while Zepto is planning to file for its IPO. ET reported on December 10 about Amazon's plans with its quick commerce service Now. The etailer is leaning on its Prime loyalty flywheel to scale its 10-minute delivery service.
Source: EconomicTimes
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