FloatingQuokka

Reliance Industries

Layoff in Reliance Retail

There is big layoff 50% in reliance retail - jiomart B2B business.

Reasons Very poor management, aggressive hiring, creating business that does not exist, downfall of business.

Compensation -

Asked people to resign & said to serve notice 90 days. No additional support or benefit.

19mo ago

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SwirlyPancake

Amazon19mo

Heard from a friend in reliance in a senior role - there would be 6k layoffs. Jiomart and netmeds will get impacted. Amazing this gets no media coverage

QuirkyBoba

Stealth19mo

Some of us are trying to cover this but we need concrete sources and/or evidence. If you know anyone who'd be willing to speak (I know it's a sensitive issue for many) reach out to me at monkeknight@proton.me.

FloatingNoodle

OPEN Financial19mo

Why would anyone would trust you? The news here is confirmed. Ajio B2B fired all Sales Officer last month. Jio Mart B2B fired all sales staff earlier. Netmes fired all sales staff. Ajio B2B CEO Resigned. All true.

MagicalDumpling

Stealth19mo

This was 1-2 months back no?

FloatingQuokka

Reliance Industries19mo

No fresh layoff. This week

SqueakySushi

Student19mo

They have denied

SwirlyPancake

Jio19mo

I'd have never seen it coming 😲 A retail business doing layoffs in eCommerce era

FloatingQuokka

Reliance Industries19mo

Funny thing is jiomart b2b is a ecommerce business.

Whose management has little to no ecommerce exposure/experience.

With this management they tried to digitalize the most unorganised sector - kirana , most of them who don't give orders on phone.

A business where no ready made tech solution was available in market.

In a business which was risky, instead of slowly building their capabilities and testing markets & innovating,

These guys went on full on aggressive capital burning, high discount, many many cities types of expansion based on whatever tech, resources they had-- totally mindless to be honest.

Now in the end. Due to global factors (rising interest rates), desire of retail IPO & requirement of higher margin/profits by parent (reliance retail).

Inflow of capital, discounts , aggressive hiring of sales (who connect with kirana and put orders), No logistics/ delivery charges. All stopped suddenly

In the end the business almost collapsed to 75% and resulting in this layoff.

Learnings: Always do due diligence of business (no matter if its a larger group) before signing on. Problem is its an experiment and not a business. Which with high probability will fail

In the end its a startup like risk with peanuts salary/perks ( top management is exception they get paid very heavily) & no ESOP's / shareholding.

Very low returns and very very high risk. Avoid such companies 👍

SwirlyPancake

Jio19mo

You wrote a medium article, I appreciate haha

But yeah, if it ain't Amazon, it'll probably not survive the next decade 😂

DancingMuffin

Kroll19mo

The best perks in working for Reliance is only flat 33% discounts on Ajio sadly. This was confirmed from an old employee and they were already expecting it.

DizzyTaco

Stealth19mo

Ajio B2B also layoffs?

DancingMuffin

Kroll19mo

The old employee worked in B2B so I am only aware about B2B Jiomart. (Please note that the old employee left few months ago and got know know from current employees)