Mukesh Ambani’s Reliance takes on Coke and Pepsi in a bid for India’s fizzy‑drink throne

Reliance Industries’ revived Campa Cola has carved out a double‑digit foothold in India’s carbonated‑soft‑drink (CSD) market, now holding between 10 % and 14 % of the segment, while the entrenched duopoly of Coca‑Cola and PepsiCo still commands roughly 90 % (≈ 60 % and ≈ 30 % respectively). The aggressive pricing of a 200 ml bottle at ₹10 – about half the cost of comparable 250 ml offerings from the incumbents – has accelerated Campa Cola’s rise, prompting both global giants to reassess pricing, pack sizes and product pipelines.

The resurgence of Campa Cola, a legacy brand acquired by Reliance in 2022, is already evident in key urban markets where it commands 14 % share. By the fiscal year ending 31 Mar 2025 the brand had achieved double‑digit penetration across several states, and Reliance projects revenue of ₹10 billion for FY 2025‑26, a 150 % jump on the previous year. Yet the scale of the challenge remains stark: Coca‑Cola’s Indian unit reported a dominant ~60 % share in its 2024 revenue filing, while industry estimates place PepsiCo at roughly 30 % of the CSD market.

History offers a roadmap of how the incumbents have dealt with newcomers. Coca‑Cola’s 1993 re‑entry, anchored by the acquisition of the beloved Indian cola Thums Up, instantly gave it an 80 % share of the cola segment and paved the way to a 45 % overall market position within five years. Pepsi’s earlier success stemmed from an asset‑light franchising model with Varun Beverages, enabling rapid scale and a 30 % market share by 1992. Both firms have repeatedly turned to price adjustments and localized product variants when faced with competition – from Coca‑Cola’s 2006 introduction of 200 ml cans to counter price‑sensitive rivals, to Pepsi’s 1995‑2000 rollout of regional flavours and snack integration.

The current episode mirrors those past dynamics. Following Campa Cola’s 2023 relaunch at ₹10‑₹12, Coca‑Cola’s global president John Murphy acknowledged that “increasing competition in India helps us stay relevant and adapt with newer investment strategies,” while PepsiCo’s senior VP Vipul Prakash warned that “value‑added dairy, hydration and juices are the three growing categories now.” Their responses have already materialised: both multinationals have announced new 250 ml cans and a suite of region‑specific flavours, and Coca‑Cola is reviewing its pricing and innovation pipeline to stay ahead of Reliance’s forthcoming “R‑Fizz,” which has already captured about 3 % of the cola segment as of Jan 2026.

Three strategic lessons emerge. First, early local partnerships remain decisive; Reliance’s extensive retail network has given Campa Cola unparalleled shelf presence. Second, price elasticity is a decisive lever in India’s cost‑conscious market – the ₹10 bottle has forced incumbents to launch cheaper packs, echoing the aggressive discount cycles of the late‑1990s. Third, diversification beyond carbonated drinks is essential; Pepsi’s snack empire and Coca‑Cola’s forays into water, energy drinks and coffee have insulated them from pure‑CSD volatility.

Reliance’s ascent signals a genuine test of the duopoly’s resilience. While a 10‑14 % share is modest against a combined 90 % hold, the speed of adoption, aggressive pricing and the brand’s nostalgic appeal suggest a trajectory that could reshape the competitive landscape. The next few quarters will reveal whether Coke and Pepsi can marshal sufficient innovation and price‑warfare to preserve their dominance, or whether India’s fizzy‑drink market is finally ready for a third major player.

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