in

Reliance Retail launches pilot program on ONDC via Fynd

News

Reliance Industries Ltd’s retail unit, Reliance Retail, has reportedly launched a pilot program on the government-backed Open Network for Digital Commerce (ONDC) through Fynd, an omnichannel retail platform in which Reliance invests.

According to a report by the Economic Times (ET), currently one Reliance retail store, Shri Kannan Department Store in Madurai, Tamil Nadu, is active on the ONDC dealer side through Fynd.

“This is done like a pilot. Several more stores in Tamil Nadu are in the pipeline. They’re trying. If it works, Reliance Retail will expand it to five stores and then 100 stores on ONDC. Gradually, all brands owned by Reliance Retail will be launched on ONDC,” a source told ET.

Reliance Retail bought Shri Kannan Department Store for INR 152.5 in December 2021.

Reliance Retail-backed fast-paced commerce company Dunzo was launched on ONDC during its beta launch in Bengaluru in September 2022. However, as of April this year, Dunzo is not active as a logistics service provider on the network, the report added.

Founded in 2012 by Farooq Adam, Harsh Shah and Sreeraman MG, Fynd is an omnichannel fashion platform that sells products across categories including apparel, footwear, jewelery and accessories from leading brands in the country.

Fynd enables SMEs to go online by helping them list their inventory on various e-commerce platforms such as Amazon and Nykaa. The startup also helps these small businesses with last-mile logistics delivery. The Mumbai-based startup optimizes delivery times by sourcing products from stores closest to the customer.

Recommended Article
Sir Jim Ratcliffe will attend Manchester United's FA Cup final against Manchester City

In 2019, Reliance Industries Limited acquired an 87.6% stake in Fynd for INR 295 (about $42.33 million).

Meanwhile, Reliance Retail’s operating revenue rose 9.8% year-on-year to INR 67,610 crore in the quarter ended March 2024, compared to INR 61,559 crore in the year-ago period. Subsequently, sales declined by over 9% from INR 74,373.

This pilot program marks a significant step for Reliance Retail as it explores the potential of the ONDC platform to expand its digital footprint and streamline its e-commerce operations through Fynd.

Follow Startup Story

What do you think?

Deja una respuesta

Tu dirección de correo electrónico no será publicada. Los campos obligatorios están marcados con *

GIPHY App Key not set. Please check settings

Jose Mourinho ‘agrees to become new Fenerbahce manager on two-year deal’… five months after his bitter Roma sacking

JD Sports shares fall sharply as ‘challenging market’ squeezes profits