Mumbai: In a move to rope in more customers besides enabling them to access trading platforms easily, the Anil Dhirubhai Ambani Group’s brokerage and distribution arm, Reliance Money, is mulling tie-ups with large retail players with significant footfalls.
“We are contemplating tie-ups, but nothing has been firmed up as of date,” Reliance Money’s director and CEO, Sudip Bandopadhyay told PTI here.
While the tie-ups would involve large retail players, Bandopadhyay declined to reveal any names.
“The idea of tie-ups is definitely on our mind and we want to forge relationships with large retailers as it will enable us to extend our reach besides providing convenience to our customers by making trading easier,” he said.
In the first of such arrangements, Reliance Money had tied-up with coffee-chain Barista, last month.
Almost 75,000 investors have logged in on to its platform since the company’s inception in April, Bandopadhyay said, adding “our customer base is growing by around 2,000 investors daily.”
Outlining the expansion plans of Reliance Money, a wholly-owned subsidiary of Reliance Capital, he said that the company was currently on the threshold of implementing a massive expansion programme, designed to have its footprint in 5,165 tehsils of the country by the end of financial year 2007-08.
“Our aim is to bring many first-generation investors into our broking platform by extending our reach into the interiors,” he said.
The company has plans to open another 7,500 kiosks by the end of this financial year and ramp it up to 25,000 in the next two-three-year period, he said.
Since its inception in April, Reliance Money has already rolled out 2,500 kiosks and is present in 700 cities and towns in India.