Amazon to buy 9.9% stake in JioMart

Amazon plans to buy a 9.9 per cent stake in JioMart, the e-commerce venture of Reliance Retail. Launched in May this year, JioMart poses a formidable challenge to Amazon.com's local unit and Walmart Inc's Flipkart.

Earlier this year, Amazon India launched a program to add small local shops on its platform after India went into a lockdown to curb the spread of the coronavirus outbreak. Controlled by Asia's richest man, Mukesh Ambani, Reliance has raised around $20 billion since late April for its digital arm, including from Alphabet Inc's Google and Facebook Inc.