India's richest man is ready to take on Amazon and Walmart's Flipkart

As Amazon and Walmart-owned Flipkart spend billions to make a dent in India's retail market and reel from recent regulatory hurdles, the two companies have stumbled upon a new challenge: Mukesh Ambani, Asia's richest man. Reliance Retail and Reliance Jio, two subsidiaries of Ambani’s Reliance Industries, said they have soft launched JioMart, their e-commerce venture, in parts of the state of Maharashtra -- Mumbai, Kalyan and Thane. In an email to employees, accessed by TechCrunch, the two aforementioned subsidiaries that are working together on the e-commerce venture, said they plan to expand the service to many parts of India in coming months.

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