Business News

According to a report, JioMart, the B2B unit of Reliance Industries, has terminated the employment of more than 1,000 workers.

Spread the love


JioMart, the online wholesale platform owned by Reliance Industries and led by Mukesh Ambani, has initiated a significant round of layoffs, affecting over 1,000 employees, as per reports. The aim behind these layoffs is to streamline operations following the recent acquisition of Metro Cash and Carry. The Economic Times, citing insider sources, reveals that this workforce reduction is part of a larger plan to downsize the wholesale division, which currently employs 15,000 people, by two-thirds. In recent days, the company has requested the resignations of 1,000 individuals, including 500 executives from its corporate office.

Additionally, JioMart intends to lay off more employees, with several hundred already placed on a performance improvement plan (PIP). The remaining sales staff will transition to a variable pay structure after the company lowered their fixed salaries. The sources explain that the acquisition of Metro Cash and Carry resulted in role overlaps, prompting these measures. JioMart, known for initiating a price war in the grocery B2B sector, is striving to enhance profit margins and reduce losses.

Furthermore, JioMart plans to close down over half of its 150 fulfillment centers responsible for supplying groceries and general merchandise to local stores.

The acquisition of Metro Cash and Carry by Reliance Retail Ventures was approved by the Competition Commission of India. The deal, finalized in December 2022 for a cash consideration of Rs 2,850 crore, allows Reliance Retail to leverage Metro’s stores in various cities across India. JPMorgan analysts have noted that Metro’s assets can bolster Reliance’s B2B offerings, granting access to a large customer base of registered Kiranas (mom-and-pop stores) and other institutional customers, as well as a robust supplier network.

Recent Posts

As Ola’s Bhavish Aggarwal Faces Criticism, Zomato’s Deepinder Goyal Receives Praise for PR Savvy

The contrasting public images of two prominent Indian startup founders, Zomato's Deepinder Goyal and Ola's…

1 month ago

Singham Again Trailer Launch: What to Expect

The excitement is palpable as Ajay Devgn and director Rohit Shetty gear up for the…

1 month ago

Hardik Pandya Impresses with No-Look Ramp Shot and All-Round Performance in India’s First T20I Win Against Bangladesh

Hardik Pandya showcased his prowess as an allrounder in T20 cricket, contributing significantly with a…

1 month ago

New Haryanvi Song “Bahu Chaudhariya Ki” Launched by Aman Jaji and Pranjal Dahiya

HR Beat Production has unveiled its latest Haryanvi hit, "Bahu Chaudhariya Ki," featuring artists Aman…

2 months ago

Apple’s iPhone 16 Pro Max: Improved Battery Life and Camera Features, but Missing Key AI Updates

Apple's highly anticipated iPhone 16 series is set to launch on Friday, with the flagship…

2 months ago

Music Director Vipin Reshammiya, Father of Himesh Reshammiya, Passes Away at 87

Vipin Reshammiya, father of Himesh Reshammiya, has passed away at the age of 87. He…

2 months ago

This website uses cookies.