Mukesh Ambani’s next big step
Now that Ambani and his venture with JIO have made him Asia’s richest man, he is all set to challenge Jeff Bezos’ Amazon market in India. Mukesh Ambani wants to redefine how Indians buy things, which pits him against Jeff Bezos’ e-commerce giant Amazon. It is not only just Amazon that Mukesh Ambani has a competition with, there are also the likes of Filpkart, which was acquired by Walmart for a valuation $21 billion.
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Mukesh Ambani?s next big step
Recently Mukesh Ambani dethroned Jack Ma to become Asia?s richest man. Ambani?s net worth rose up to $44.3 billion surpassing Alibaba?s founder Jack Ma?s net worth of $44 billion. Reliance shares grew 1.8 percent to a record-high of Rs 1,106, adding $4 billion to Ambani?s wealth. The company also entered the $100-billion valuation club on the Bombay Stock Exchange, becoming only the second listed corporate after TCS to achieve this feat.
Now that Ambani and his venture with JIO have made him Asia?s richest man, he is all set to challenge Jeff Bezos? Amazon market in India. Mukesh Ambani wants to redefine how Indians buy things, which pits him against Jeff Bezos? e-commerce giant Amazon. It is not only just Amazon that Mukesh Ambani has a competition with, there are also the likes of Filpkart, which was acquired by Walmart for a valuation $21 billion.
A few days back Ambani held annual general meeting of his $95 billion Reliance Industries in Mumbai. An event that was no less than an Apple launch event witnessed Ambani confined to set a target of generating nearly half the group?s EBITDA-Earnings before Interest, Taxes, Depreciation and Amortization from consumer businesses within a decade. Ambani also announced the JIOGigaFibre.
The JIOGigaFibre is a optical fiber-based broadband service. The company will extend fiber connectivity to homes, merchants and SMEs. 1,100 cities will offer most advanced fiber-based broadband connectivity solutions. Two of the main features of JIOGigaFibre will be smart home technology and TV calling. JIOGigaFibre broadband will come with a set-top box for TV. It will have enabled voice command feature on TV. Reliance has spent over $30 billion rolling out the giant 4G network across India. In almost two years since its launch, JIO has won over 215 million subscribers.
With JIOGigaFibre will enable easy shopping experience to Indians on their mobiles or large screens in their homes. He wants to create a so-called ?hybrid online-to-offline? platform that connects customers to the nation?s small shopkeepers. The motto is ?to connect everyone and everything, everywhere?. The idea is great and scary to the rivals.
Bezos may have committed $5.5 billion in Amazon India, Walmart may have acquired FIipkart for $21 billion, and Jack Ma may have backed Paytm Mall, but Mukesh Ambani?s Reliance and his new model may be a threat to these rivals in the future. And with increasing population and economy the JIOGigaFibre will be a great key point. Also, Reliance is already dabbling in JIO-branded payments and cloud services, and it is a big owner of news, movies and music.
Ambani has advantages putting him on the edge; Reliance is already into network comprised of 7,500 stores selling everything from digital goods to fashion and groceries. Moreover, Ambani?s strategy of collecting user interest with fewer rates is lethal; it was one of the reasons for JIO?s success.
Ambani is a tycoon with Reliance and there is no way Reliance can ever be acquired by any other company, so Reliance is a major name to watch out in the coming years.
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