JioMart B2B pares staff as part of consolidation
After Reliance Retail acquired METRO Cash and Carry business, the layoffs are aimed at reducing overlap in functions, especially sales.
has let go of 1,000 employees from its business-to-business operations at JioMart, according to reports. This is in part due to the consolidation of the vertical with METRO Cash and Carry business.
The layoffs have mainly impacted on-ground sales functions, a company source confirmed to YourStory, adding that some of the employees were moved to a commission-based payout. The source added that roles that have clear overlaps were terminated.
Business Standard and The Economic Times reported the development earlier today.
Reliance Retail has close to four lakh employees and the company source added that the performance improvement plan would likely affect employees outside of the B2B vertical.
Detailed queries sent to Reliance Retail did not elicit a response at the time of publishing the article.
JioMart’s B2B business works with small sites and kiranas as distributors. The layoffs will ensure that different channels do not reach out to the same set of kirana stores as Reliance Retail completed the acquisition of METRO AG’s cash and carry business in India including a network of 31 stores for Rs 2,850 crores last week.
RIL stocks were trading up on Tuesday at Rs 2,465 during mid-day trade. Reliance Retail’s profits grew 13% in Q4 FY 23 as the division posted revenue of Rs 61,559 crore for the period. The JioMart vertical registered its best quarter for Q4 FY23, according to the company’s earnings announced in April 2023.
Edited by Affirunisa Kankudti