Reliance Industries chairman Mukesh Ambani addressed the company’s shareholders in its 46th annual general meeting and stated that the retail business will be the fastest-growing segment for the company in the future. With plans to grow as India’s economy transitions from a $2,500 per-capita economy to a $10,000 per-capita economy, Ambani expects Reliance Retail to become the company’s fastest-growing business in terms of revenues and Ebitda (earnings before interest, taxes, depreciation, and amortization). Over the past two years, Reliance Retail has invested $10 billion in expanding its operations. The business’s valuation has increased significantly to ₹8.28 lakh crore, compared to ₹4.28 lakh crore during the last round of fundraising in September 2020. Ambani emphasized that this valuation growth, despite the challenges posed by the COVID-19 pandemic, has placed Reliance Retail among the top four companies in India and the top ten retailers globally. Reliance Retail director Isha Ambani shared that the company has focused on building integration, growing in-house brands, and improving supply chain networks. Reliance Retail opened over 3,300 new stores in the last fiscal year, bringing the total count to over 18,000 stores. Two-thirds of these stores were in tier-II, -III cities, and smaller towns. Digital and new commerce sales contributed nearly ₹50,000 crore, which accounted for about a fifth of the retail revenue. Additional milestones achieved by the business include crossing 100 crore transactions and receiving more than 78 crore footfalls in FY23. Isha Ambani highlighted that Reliance Retail currently serves over 98% of India’s pin codes through an integrated online and offline channel. She also mentioned that formats like Trends, Hamleys, and Urban Ladder are now available on the cross-category horizontal platform, JioMart, with non-grocery category contribution seeing sustained growth. The launch of JioMart on WhatsApp has been highly successful, with a 9x growth in JioMart customers on WhatsApp since its launch in 2022. In FY23, Reliance Retail posted an annual revenue of ₹2,60,364 crore, reflecting a 30% year-on-year growth. The business reported a net profit of ₹9,181 crore and an Ebitda of ₹17,928 crore for the year.