Mumbai, Aug 13 (KNN) With an aim to digitally connect kirana stores across the country, Reliance Industries (RIL) retail arm will soon unveil Reliance New Commerce to empower 3 crore merchants and kirana shop owners, said Mukesh Ambani, Chairman of RIL.

Speaking to shareholders at RIL's 42nd Annual General Meeting, Ambani said that this user friendly digital platform is designed for inventory management, customer relationship management, financial services and other services.

He stated 'new commerce' is meant to revolutionize India's three crore kirana stores.

The purpose of 'new commerce' is to transform unorganized retail into organized retail. New commerce is a $700-billion business opportunity, he added.

The platform will link producers, traders, small merchants, consumer brands and consumers and hence improve efficiencies across the trade channels.

On the business of Reliance Retail, he said the company had crossed Rs 1.3 lakh crore in revenue last year and added that two-third of its stores were in tier-II, III and tier-IV towns.

"It is four times larger than the second largest retail player and also larger than all the other major retailers put together," Ambani said.