Reliance Retail will pose the biggest challenge to top e-commerce players Amazon and Flipkart.

"In e-commerce, the biggest threat to Amazon and Flipkart will be Reliance Retail because Reliance Jio (Reliance Industries Ltd's telecom arm) is there all over India; they can easily connect to all the small, small retail stores and supply to them and improve their business dramatically," he said.

"Reliance Retail will be the biggest challenger to Flipkart, Amazon next year," Pai told PTI.