By Promit Mukherjee
MUMBAI (Reuters) - Reliance Retail Ltd, the retail business of India's energy conglomerate Reliance Industries Ltd, said on Saturday it planned a quick roll-out of its newly launched fashion and lifestyle e-commerce business.
Reliance Retail, controlled by India's richest man Mukesh Ambani, which was launched on Friday, is entering India's already crowded e-commerce market via its new website ajio.com. It will be competing against established domestic players such as Myntra or global firms such as Amazon (NASDAQ:AMZN).
Sanjay Mehra, chief executive of ajio.com declined to say how many cities the web site would initially deliver to. But Mehra, speaking to Reuters on the sidelines of a launch event, said the company's target was to take its delivery capacity to 15,000 pincodes over the next 2 months.
India has about 40,000 pincodes - the equivalent of postal codes in other countries - according to government data.
India's e-commerce is expected to produce sales of 36.7 billion dollars by 2020, according to a KPMG report in November.