Reliance Industries Ltd. announced that it will acquire an 87.6 per cent stake in Shopsense Retail Technologies which runs Fynd, for Rs. 295.25 crore (US $ 41.9 million).
The firm confirmed that its wholly owned subsidiary Reliance Industrial Investment and Holdings Ltd. has an option to invest even further up to Rs. 100 crore by December 2021 in Fynd which is a software technology company launched in September 2012.
Fynd provides technology platform and solutions to merchants to manage their inventory and sales across multiple demand channels for consumers.
The acquisition followed Fynd’s Series C funding in March last year. The investment was led by Google. Other participants included Kae Capital, IIFL, Singularity Ventures, GrowX, Tracxn Labs, Venture Catalyst, the Patni family office, Hong Kong-based Axis Capital and other angel investors. In total, the startup raised Rs. 60 crore, according to VCCEdge, the data research arm of Mosaic Digital.
According to Reliance, the acquisition will help its digital and new commerce initiatives. The firm has said that it intends to transform itself from a grocery and neighbourhood store-based empire to an online powerhouse.
Fynd was co-founded by Harsh Shah, Farooq Adam and Sreeraman MG in 2013.