India’s Biggest Retail Companies


India has emerged as a highly promising and rapidly developing marketplace, attracting the interest of multinational corporations seeking to tap into its large consumer base. In recent years, the Indian retail sector has witnessed significant changes. While it experienced an 8.5% decline in FY 2021, it rebounded in 2022, reaching a value of $836 billion, with traditional retail contributing 81.5% to this growth. Notably, shoppers from Tier II and Tier III cities now account for over 61% of the total market share in FY 2022, compared to 53.8% in FY 2021. E-commerce growth rates have been particularly remarkable in Tier II and III cities, recording 92.2% and 85.2% respectively, while Tier I cities have shown slower growth at 47.2%. This trend is expected to continue in 2023, with Tier II and III cities continuing to dominate the retail landscape in India.(according to TOI)

In response to this dynamic market, retailers are flocking to invest in advanced technologies to cater to the tech-savvy and millennial consumer base. A Forbes report predicts that global investment in augmented reality (AR) and virtual reality (VR) will reach $72.8 billion by 2024. Additionally, conversational commerce is on the rise, leading to increased utilization of chatbots. The chatbot industry is projected to surpass a market value of $102 billion by 2026, with an expected compound annual growth rate (CAGR) of under 35%.

India’s increasing purchasing power has fueled a growing demand for retail products and services. Moreover, the country is set to witness the establishment of around 60 new shopping malls, spanning a total retail space of 23.25 million square feet, between 2023 and 2025. Furthermore, India’s retail trading sector has attracted significant foreign direct investments (FDIs), amounting to US$4.29 billion between April 2000 and September 2022, showcasing the appeal of the Indian market for international companies.(according to IBEF). We have curated the list of top retails companies in India:

Reliance Retail Limited          

Reliance Retail, a subsidiary of Reliance Industries Limited, is a major player in the Indian retail industry. Since its establishment in 2006, it has emerged as the largest retailer in India based on revenue. The company operates a diverse range of retail outlets that encompass various formats such as supermarkets, hypermarkets, convenience stores, and specialty stores.

Reliance Retail’s offerings span a wide spectrum of products, including foods, groceries, apparel, footwear, toys, home improvement products, electronic goods, and farm implements and inputs. With its expansive presence and comprehensive product range, Reliance Retail caters to the planned shopping needs as well as the day-to-day or occasional requirements of customers across various consumption categories.

Recognized for its remarkable growth, Reliance Retail has secured its position as the fastest-growing retailer globally. In fact, it holds the 56th spot in the prestigious list of Top Global Retailers.

Operating RevenueOver INR 500 cr
EBITDA 27.74 %
Networth 19.48 %
Total Assets 75.62 %

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Future Retail Limited

Future Retail Ltd is an India-based company operating in the multi-brand retail trading sector. It generates its revenue solely from the Retail Trade segment. The company manages various store networks under different brand names, including easyday and Foodhall. Its primary focus lies in the hypermarket, supermarket, and home solutions segments.Future Retail provides customers with a diverse range of options, encompassing groceries, fashion, electronics, and home goods. The company caters to different customer segments through its various retail formats . One of its retail formats is Easyday, which operates as a convenience store.

Other retail formats, such as Central and Brand Factory. Central is a department store chain that presents a mix of fashion, accessories, and home products. On the other hand, Brand Factory providing a wide range of branded apparel and accessories at discounted prices.

Operating RevenueOver INR 500 cr
EBITDA -128.51 %
Networth -71.98 %
Total Assets -11.25 %

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V-Mart Retail Limited

V-Mart Retail Limited is a renowned retail company operating in India’s value retail segment, with a focus on serving the fashion needs of customers in Tier-II and Tier-III cities. They offer a wide range of affordable and trendy clothing options for men, women, and children, while maintaining high standards of quality. In addition to clothing, V-Mart Retail also provides accessories, footwear, and household products. Their well-designed stores and friendly customer service create a pleasant and enjoyable shopping experience. With their commitment to value and catering to the unique needs of customers in these areas, V-Mart Retail has gained popularity and achieved remarkable growth in the Indian retail market.

One of the distinguishing features of V-Mart Retail is their meticulous attention to detail when it comes to store design and customer service. Their well-designed stores create a pleasant and inviting shopping environment, inviting customers to explore and discover the latest fashion trends.

Operating RevenueOver INR 500 cr
EBITDA 55.72 %
Networth 2.96 %
Total Assets 29.08 %

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Spencer’s Retail Limited

Spencer’s Retail Limited is a leading retail company in India, With a commitment to excellence, Spencer’s Retail has become synonymous with meeting diverse customer needs across a wide array of categories it offering a diverse range of products across categories such as groceries, fresh produce, personal care items, home essentials, fashion, electronics, and more. With a focus on delivering an exceptional shopping experience, their well-designed stores provide a convenient environment for customers to explore a curated selection of branded and private-label products. Additionally, Spencer’s Retail has embraced online retailing, providing customers with the option to shop conveniently through their e-commerce platform. Their commitment to quality, competitive pricing, and customer satisfaction has solidified their position as a trusted and innovative player in the Indian retail market.

Operating RevenueOver INR 500 cr
EBITDA 22,176.52 %
Networth -25.42 %
Fixed Assets -3.25 %

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Aditya Birla Retail

Aditya Birla Retail Limited, a subsidiary of the esteemed Aditya Birla Group, holds a prominent position in the Indian retail landscape. With a diverse portfolio of retail formats including supermarkets, hypermarkets, and convenience stores, the company was founded in 2006 to provide Indian consumers with a comprehensive retail experience. Operating under various brand names such as More, More Megastore, and More Supermarket, Aditya Birla Retail caters to different customer segments and their unique needs.

Aditya Birla Retail sets itself apart by offering an extensive range of products across multiple categories. From groceries and fresh produce to personal care items, household essentials, apparel, electronics, and more, they strive to meet the diverse needs and preferences of their customers. With their wide selection of quality products, Aditya Birla Retail has established itself as a trusted destination for Indian consumers seeking a one-stop shopping experience.

Operating RevenueOver INR 500 cr
EBITDA -150.69 %
Networth -137.31 %
Fixed Assets 39.03 %

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Avenue Supermarts Limited

D-Mart, officially known as Avenue Supermarts Limited, is a leading and rapidly expanding retail chain in India. Founded by Mr. Radhakishan Damani in 2002, it has quickly established itself as one of the largest players in the industry. D-Mart operates a network of supermarkets and hypermarkets, offering a diverse range of products, including groceries, household items, apparel, kitchenware, and more.

With a focus on value and affordability, D-Mart targets the value-conscious Indian consumer segment. Their everyday low-cost strategy ensures competitive pricing without compromising on product quality. By prioritizing affordability and convenience, D-Mart aims to provide a convenient and pleasant shopping experience for its customers. In addition to groceries and household items, D-Mart stores often feature dedicated sections for apparel, footwear, kitchenware, toys, and personal care products, providing customers with a comprehensive shopping experience.

Operating RevenueOver INR 500 cr
EBITDA 43.62 %
Networth 13.16 %
Fixed Assets 28.15 %

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Shoppers Stop Limited

Shoppers Stop Limited, a renowned retail company in India, operates a chain of department stores that offer a wide range of products across diverse categories such as apparel, accessories, cosmetics, footwear, home decor, and more. Established in 1991, Shoppers Stop has evolved into one of the country’s leading retail chains, known for its upscale and contemporary shopping environments that provide customers with a premium shopping experience. With a strong focus on fashion and lifestyle retail, Shoppers Stop strives to offer customers the latest trends and an extensive variety of choices.

Operating RevenueOver INR 500 cr
EBITDA 401.35 %
Networth -45.90 %
Fixed Assets -8.52 %

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Lifestyle International Private Limited

Lifestyle International Private Limited stands as a leading retail company in India, celebrated for its exceptional offerings and impeccable reputation. With a chain of department stores spread across the country, Lifestyle provides customers with a diverse range of products in categories such as apparel, accessories, beauty, home decor, and furniture. Since its inception in 1997, Lifestyle has solidified its position as one of India’s most esteemed and beloved retail brands.

Operating RevenueOver INR 500 cr
EBITDA 216.04 %
Networth 25.04 %
Fixed Assets -9.75 %

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V2 Retail Limited

V2 Retail Limited, an Indian retail company specializing in value retailing, operates stores in Tier II and Tier III cities. They offer a wide range of affordable products, including apparel, footwear, accessories, home furnishings, electronics, and general merchandise. With a focus on understanding regional customer preferences, V2 Retail provides a personalized shopping experience. Their stores are known for spacious layouts, well-organized sections, and competitive pricing. Emphasizing customer service, product availability, and efficient operations, V2 Retail is expanding its presence to tap into untapped markets. They also provide the convenience of online shopping through their website and app.

Operating RevenueOver INR 500 cr
EBITDA -35.86 %
Networth -3.09 %
Fixed Assets 16.03 %

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