Backed by multi-billion-dollar investments from global tech giants, India's richest man is ready to rumble with Amazon and Walmart for the country's huge e-commerce market through his conglomerate Reliance.
But it is far from certain that Mukesh Ambani's latest gamble will pay off in a crowded market where many suppliers are not well-versed in digital business.
The mogul has long trumpeted his ambition to revolutionise retail in the country of 1.3 billion by convincing farmers and shopkeepers to sell their goods on his new JioMart platform launched this year.
But modernising India's creaky, inefficient supply chains will not be easy, even for Reliance, the nation's largest retailer by revenue with a portfolio including supermarkets, electronics stores and fast-fashion outlets.
Google on Wednesday became the latest Silicon Valley player to invest in the digital unit of the Indian oil-to-telecoms juggernaut, following in the footsteps of Facebook and Intel.
These votes of confidence notwithstanding, Ambani's success will depend on India's mom-and-pop stores and their ability to adapt to the demands of an online business, analysts say.
Keeping bargain-hungry consumers satisfied in a fiercely contested market may be even harder.
Early signs have not been promising for JioMart since its roll-out in 200 Indian cities in May.
Customers have complained about everything from rotting vegetables to missing deliveries and delayed refunds.
An avid online shopper who buys electronics from Amazon and clothing from Walmart-owned retailer Myntra, Mehul Shah is the kind of customer much sought after by Ambani and his rivals.
The 22-year-old placed his first JioMart order soon after the platform's hotly-anticipated launch.
"I wanted to experience what it was like... because there was so much hype around it," he told AFP.
But fewer than half his items were delivered and mint leaves he ordered arrived rotten, forcing Shah to throw them away.
- Money, money, money -
Shah's experience underlines the challenges facing Ambani as he attempts to take on Amazon, BigBasket and Grofers, all of which have established supply and delivery networks in India.
The 63-year-old tycoon will likely deploy the same strategy he used to make his Jio mobile service a market leader following its 2016 launch.
Jio's cut-price discounts put phones in the hands of millions of first-time buyers in India, clobbering the competition and driving rivals out of the race.
In recent months Ambani has raised more than $22 billion in a rights issue and through selling stakes in Reliance to foreign investors.
The conglomerate is now net-debt-free and has cash to burn, analysts say.
"JioMart will use the money by offering deep discounting to get consumers, and is in it for the long haul," said independent analyst Minakshi Ghosh.
But the firm will also need to pump funds into training local shopkeepers in online trading. Many say their businesses have been badly hit by the rise of supermarkets and e-commerce.
"Even in my dreams I never imagined running such a modern business... or receiving card payments," said Kavita Chowdhury, a shopkeeper in Navi Mumbai, a city neighbouring India's financial capital.
Her partnership with JioMart could not have come at a better time for the 30-year-old, with the coronavirus pandemic forcing her to shutter the bricks-and-mortar store.
She can now sell online instead and business is booming, she told AFP.
- 'Teething issues' -
A Reliance source told AFP JioMart had received an "amazing" response from consumers.
"People in small towns are buying Del Monte olives and focaccia bread... They are aware of global trends and want more options," he said.
But he acknowledged the company faced "teething issues" in logistics -- problems which analysts believe could prove its Achilles heel.
"You need consistent delivery models and customer satisfaction" to run a successful e-commerce operation, Forrester Research senior forecast analyst Satish Meena told AFP.
Reliance will not "have a walkover just because of their financial strength", he said.
Some customers have already sworn off the platform.
Vamshi Krishna, 28, told AFP he would never again buy anything from JioMart after his first two orders went missing.
"Despite problems with my first order, I decided to give them a second chance... because it is an Ambani company," he said.
"Now I seriously doubt whether I will ever get my money back."
ASDA has reported a slowdown in its sales decline as the supermarket chain's aggressive price-cutting strategy begins to show results.
The UK's third-largest grocer said like-for-like sales fell 3.1 per cent in the four months to the end of April, an improvement from the 4.2 per cent decline recorded in the previous quarter, reported the Financial Times.
Executive chairman Allan Leighton, who returned to lead the company last November, said he was seeing "green shoots" of improvement but warned there was still "a long way to go" before Asda fully recovers.
Asda is now under the majority control of private equity giant TDR Capital after billionaire Zuber Issa sold his shares last year. Funds managed by TDR Capital now hold a 67.5 per cent stake in the Leeds-headquartered company while Zuber's brother Mohsin retains his 22.5 per cent holding. A further 10 per cent is held by previous owner, Walmart.
The supermarket has been battling serious problems including poor product availability, dirty stores, and unhappy customers. To win shoppers back, Asda has slashed prices on around 10,000 products - more than a third of everything it sells.
Leighton revealed the company has created a price gap of three per cent to six per cent compared to traditional rivals, with plans to widen this to between seven per cent and 10 per cent over the next year.
"We like it. If we're putting prices down, when inflation is going up, this is good for us," he said about rising food costs.
The price-cutting strategy appears to be working. Asda recorded its best sales performance since May 2024, according to industry figures, and saw further improvements in May. The company's market share currently stands at 12.1 per cent, down from 13 per cent a year ago, but Leighton isn't worried.
"For me, market share is about tomorrow," he said. "We're not fixed on market share; we're fixed on rebuilding the business. I'm not bothered about it at all."
Beyond cheaper prices, Asda has also tackled its stock problems. Product availability has jumped from 90 per cent to 95 per cent since January, whilst customer satisfaction scores have also improved.
"People who've been in the industry a long time are amazed at the progress that we've made on availability in a relatively short period of time," Leighton told reporters.
The turnaround plan has spooked competitors. When Leighton announced in March that Asda would be five per cent to 10 per cent cheaper than rivals, it wiped more than £4 billion off the value of Tesco, Sainsbury's and Marks & Spencer shares as investors feared a new price war.
Both Tesco and Sainsbury's have warned that their profits will fall or stay flat this year as they fight to defend their positions in the highly competitive grocery market.
However, retail analyst Eleanor Simpson-Gould from GlobalData warned that Asda's first-quarter performance was "particularly alarming" given that the UK food market actually grew 1.4 per cent in early 2025. She added that "the finish line for Asda's recovery remains distant" despite the recent improvements.
TDR Capital brought Leighton back more than 20 years after he previously ran the company and sold it to Walmart.
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The Discord community frequently shares new codes as soon as they’re available
Crystal of Atlan players have a fresh batch of codes to redeem this May, offering valuable in-game rewards for those who act quickly. The redemption process is simple but requires progressing through the early stages of the game.
To start redeeming codes, players must first download Crystal of Atlan and play through the tutorial until reaching the in-game village. While most cutscenes can be skipped, completing the necessary fights is essential to unlock access to the full menu system.
Once in the village, players should look for a small, two-tone diamond icon on the right side of the screen. Tapping this opens the main menu. From there, tap the gear icon at the bottom to access the Settings. Under the "Other" tab on the left, a "Go Redeem" button appears at the top—this is where players can enter codes.
Users can either type in a valid code or use the “Paste” button to ensure accuracy. Upon successful redemption, a notification will confirm the rewards have been sent.
Active Crystal of Atlan codes – May 2025
COAcreator2 – 150,000 Gold and 3 Matlz’s Special Injection (NEW)
COATEAMUP528 – 10 Hunting Permits (NEW)
These codes are currently active and available for all players. However, they may expire soon, so it’s advisable to redeem them as early as possible.
Expired or region-restricted codes
The following codes have either expired or may only be redeemable on servers outside Europe and North America:
COAJP527
COAJP123
COAwin1
COA1500
COAJP888
COAwin2
COA100v
COA200v
COA300v
Players on EU/NA servers may find these codes invalid, even if entered correctly.
Where to find redeemed rewards
After redeeming a code, rewards will not appear instantly in the inventory. Instead, players must return to the main screen and select the two-tone diamond icon once again. This time, click on the Mail icon to access the in-game inbox.
Each successfully redeemed code sends an in-game mail with the rewards attached. Players can claim items individually or use the "Claim All" function to collect all available rewards at once.
How to discover new codes
Although there is no fixed schedule for the release of new Crystal of Atlan codes, they typically appear during major updates, livestreams, or promotional events. Following the game on social media platforms, such as Twitter or Facebook, and subscribing to the official Discord server, increases the chances of discovering codes early.
The Discord community frequently shares new codes as soon as they’re available. Alternatively, checking trusted websites daily can help ensure players don’t miss out on limited-time offers.
For those who enjoy Crystal of Atlan and are looking to explore similar experiences, there are several free MMORPGs and PC RPGs worth trying.
As codes often expire within days, staying updated and redeeming them promptly is the best way to maximise in-game rewards.
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FILE PHOTO: Pernod Ricard's brand names are seen inside its India office in Gurugram, India, April 28, 2022. REUTERS/Aditya Kalra
THE recently finalised UK-India free trade agreement (FTA) is set to dramatically reduce prices for British imports in India while opening significant new markets for Scottish exports, industry leaders have confirmed.
Under the FTA announced in May, India will slash duties on UK whisky and gin from 150 per cent to 75 per cent immediately, with further reductions to 40 per cent over the next decade.
The agreement, expected to add £25.5 billion annually to the current two-way trade of £41bn, will make premium Scotch whiskies considerably more affordable for Indian consumers.
"The FTA is expected to improve access to premium Scotch whiskies by making them more competitively priced, as reductions in import duties on bottled-in-origin products will translate into lower retail prices across most states," said a spokesperson for Pernod Ricard India, the country's leading spirits company.
Pernod Ricard India, which owns brands including Chivas Regal, The Glenlivet and Royal Salute, described the agreement as "a positive step forward for both the industry and consumers".
The company's rival, Diageo, which owns Johnny Walker, has predicted "high single digit" price reductions for consumers alongside additional volume growth.
However, industry experts suggest the impact on India-made foreign liquor (IMFL) will be minimal, as these products remain at significantly lower price points. Pernod Ricard confirmed that brands such as Blenders Pride, Imperial Blue and Royal Stag would see little change in pricing.
The agreement extends beyond spirits to unlock entirely new markets for Scottish produce. Downing Street highlighted that the FTA had "unlocked a new salmon market through our deal with India, with tariffs dropping from 33 per cent to zero per cent".
Tavish Scott, chief executive of Salmon Scotland, welcomed the development, stating: "Securing frictionless access to key markets such as the EU, along with expanding opportunities in India, is crucial to protect our producers from unnecessary barriers like tariffs and red tape."
Prime minister Keir Starmer stressed the broader economic benefits for Scotland, saying: "These trade deals deliver long-term security for people in Scotland. They will create opportunities for more seamless trade and attract inward investment to grow the economy, making a difference to people's lives."
He added that consumers would benefit from "lower food prices at the checkout, more choice for consumers and higher living standards that will improve livelihoods across Scotland".
Business and trade secretary Jonathan Reynolds described the India deal, alongside recent agreements with the US and EU, as evidence that "this government is serious about striking the deals that our businesses want and need".
Secretary of state for Scotland Ian Murray highlighted the diverse opportunities: "From our world-renowned whisky distilleries to our cutting-edge green energy sector, Scotland has so much to offer international markets."
The FTA has also received cautious support from Indian producers. Goa-based John Distillers, makers of Paul John whisky, called the agreement "a significant step" towards strengthening bilateral trade, while acknowledging potential short-term challenges for domestic products.
"This may have a short-term impact on Indian products in India, however, we are confident about the quality of our products and believe we can rise to the challenge," the company said, expressing hopes for improved market access for Indian products in the UK.
The agreement also covers soft drinks and food exports, which the UK government says will "ramp up" Scotland's export economy.
With formal signing expected in the coming weeks, industry leaders are now awaiting final details of the FTA implementation.
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Victoria’s Secret has not disclosed if law enforcement agencies are involved in the investigation
Victoria’s Secret temporarily took down its website and suspended some in-store services in the U.S. on Wednesday following a “security incident.”
Customers visiting the lingerie retailer’s site were met with a black screen displaying a message that read: “Valued customer, we identified and are taking steps to address a security incident. We have taken down our website and some in-store services as a precaution. Our team is working around the clock to fully restore operations. We appreciate your patience during this process. In the meantime, our Victoria’s Secret and PINK stores remain open and we look forward to serving you.”
A spokesperson for Victoria’s Secret told FOX Business that the company immediately activated its response protocols after identifying the incident. “Third-party experts are engaged, and we took down our website and some in-store services as a precaution,” the spokesperson said. “We are working to quickly and securely restore operations.”
Customers visiting the lingerie retailer’s site were met with a black screen Victoria's Secret
The company generated around $2 billion in digital sales in 2024, accounting for approximately one third of its total revenue.
Following the website outage, Victoria’s Secret’s shares fell nearly 7% on Wednesday.
At this time, the exact nature of the security incident remains unclear, and the company has not confirmed whether any customer data was compromised.
Victoria’s Secret has not disclosed if law enforcement agencies are involved in the investigation.
It is also unknown how long the website and services will remain offline as the company continues to address the issue.
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OYO founder Ritesh Agarwal (Photo by CHANDAN KHANNA/AFP via Getty Images)
GLOBAL travel-tech unicorn OYO has arranged for five investment banks to meet its key shareholder SoftBank in June, in a crucial presentation that could determine the company's path to public listing, sources said.
The banks include Citi, Goldman Sachs and Jefferies from the global banking consortium, alongside ICICI Securities and Axis Capital representing Indian financial institutions.
SoftBank, which remains one of OYO's largest shareholders, is interested in understanding the key positioning strategies, expected valuation metrics and anticipated investor appetite for the offering.
The high-stakes meeting is scheduled to take place at SoftBank's London office on Grosvenor Street, where the banks will present their IPO strategies to SoftBank's Sumer Juneja.
OYO founder Ritesh Agarwal and his senior leadership team will also participate in the discussions, sources close to the development said.
The Japanese conglomerate's view is considered important for the IPO's timing, given its significant stake in the hospitality startup.
"SoftBank is positive about their portfolio companies such as OYO which have shown strong performance. For OYO, raising primary issuance will lead to a sharp increase in its earnings per share by using the proceeds to prepay some of its debt," said a person close to the development.
OYO is targeting a share dilution of 10 per cent in the proposed public offering, through a combination of primary and secondary components to ensure the lowest possible dilution, since the company is already generating cash, the person added.
According to sources, SoftBank has been encouraging OYO over the past few months to start working actively towards a public listing, since the company has been exceeding the agreed financial milestones such as EBITDA and gross bookings growth.
The London meeting comes as OYO has intensified its thinking about an IPO over the past month, transitioning from informal discussions to active pitch presentations with major banking institutions.
According to reports, the company is considering filing its draft red herring prospectus (DRHP) between August and September this year.
The timing of the filing remains flexible, with OYO weighing whether to proceed with FY25 financial results or wait for H1 FY26 results to strengthen its market position.
Reports said that OYO is targeting an IPO launch in the last quarter of the current financial year, positioning itself to capitalise on improved market sentiment and its own operational turnaround.
The renewed IPO push comes after OYO had previously filed and refiled its draft papers with the Securities and Exchange Board of India (SEBI) in 2021, seeking to raise more than £780 million through a public offering. The company withdrew those papers in 2024.
In recent times, OYO has streamlined its global operations while strengthening its presence in key markets, including India, the US, Europe and Southeast Asia.
Sources indicated that the company's improved financial metrics and operational efficiency have renewed investor confidence, prompting the fresh attempt at going public.
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