Reliance Industries to buy 87.6% stake in Fynd for ₹295 crore

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Reliance Industries Ltd will acquire an 87.6% stake in Shopsense Retail Technologies, also known as Fynd, for 295 crore ($42.33 million), it said in a statement.

The company said its wholly-owned subsidiary Reliance Industrial Investments and Holdings Ltd has an option to further invest up to 100 crore by December 2021 in Fynd, a software technology company formed in September 2012.

Reliance Industries already runs retail stores and has announced plans to diversify into e-commerce.

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Fynd provides technology platform and solutions to merchants to manage their inventory and sales across multiple demand channels for consumers, including e-commerce platforms.

Amazon.com Inc is in talks with Reliance’s retail unit to buy a stake in its retail business, two sources with knowledge of the talks told Reuters on Friday.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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