The Shri Kannan Departmental Store, a Reliance Retail store located in Madurai, Tamil Nadu, is operational on the ONDC seller side via Fynd. Fynd is an omnichannel fashion platform that sells products across numerous categories, such as clothes, footwear, jewelry, and accessories, from famous companies in the country. In 2019, Reliance Industries Limited purchased an 87.6% share in Fynd for INR 295 crore (about $42.33 million).
Reliance Industries Ltd’s retail subsidiary, Reliance Retail, allegedly launched a test program on the government-backed Open Network for Digital Commerce (ONDC) through Fynd, an omnichannel retail platform in which Reliance has an investment.
According to ET, one Reliance Retail outlet, Shri Kannan Departmental outlet in Madurai, Tamil Nadu, is now active on the ONDC seller side via Fynd.
“This is a pilot program. A couple additional outlets in Tamil Nadu are in the works. They’re testing it out. If it works, Reliance Retail plans to expand to five locations, followed by 100 outlets on ONDC. “All Reliance Retail brands will eventually go live on ONDC,” a source told ET.
In December 2021, Reliance Retail paid INR 152.5 crore for Shri Kannan Departmental Store.
Dunzo, a Reliance Retail-backed quick-commerce firm, went live on ONDC at its beta launch in Bengaluru in September 2022. However, the study stated that Dunzo has not been active as a logistics service provider on the network since April of this year.
Fynd, founded in 2012 by Farooq Adam, Harsh Shah, and Sreeraman MG, is an omnichannel fashion platform that sells products across many categories, such as clothes, footwear, jewelry, and accessories, from well-known companies in the country.
Fynd helps small and medium-sized businesses go online by listing their inventory on several e-commerce sites such as Amazon and Nykaa. The startup also helps these small enterprises with last-mile logistical delivery. The Mumbai-based business reduces delivery time by purchasing merchandise from stores closest to the customer.
The Mumbai-based business reduces delivery time by procuring merchandise from locations closest to the client.
In 2019, Reliance Industries Limited bought an 87.6% share in Fynd for INR 295 crore (about $42.33 million).
Meanwhile, Reliance Retail’s operational sales increased 9.8% year on year to INR 67,610 Cr in the March 2024 quarter, up from INR 61,559 Cr in the same period last year. Revenue fell more than 9% sequentially from INR 74,373 crore.
