Highlights
Spencer’s Retail Launches Quick Commerce Service, Jiffy
Spencer’s Retail, part of the RP Sanjiv Goenka group, is making its mark in the quick commerce sector with the introduction of its new service, Jiffy. The initial launch will take place in Kolkata, with plans to expand into other areas of West Bengal and eventually into Uttar Pradesh (UP). Currently, the retailer operates 89 stores across these regions.
Key Features of Jiffy
- The Spencer’s app will be rebranded as ‘Jiffy’, allowing for merchandise delivery in just 30 minutes.
- Shashwat Goenka, the Chairman of Spencer’s Retail, indicated that the company’s objective is to complete deliveries within 20 to 30 minutes leveraging existing store resources.
- In a strategic decision, there will be no new investment in a separate dark store network; instead, delivery operations will be managed via a third-party fleet operator.
Financial Updates
In the third quarter of FY25, Spencer’s Retail managed to reduce its net loss to Rs 47.34 crore, down from Rs 51.20 crore in the previous period. However, revenue experienced a decline of 21% year-on-year, amounting to Rs 516.97 crore, primarily due to store closures.
Market Landscape
The quick commerce sector has attracted both established and emerging companies. Market leaders include Blinkit, Zepto, and Instamart, while notable new entrants such as Flipkart, BigBasket, and Amazon continue to broaden their market presence. Significantly, PhonePe, backed by Walmart, has also announced its entry into the quick commerce arena with its service, Pincode.