India’s leading telecom and oil company Reliance Industries Ltd proposes 87.6% stake buyout in Shopsense Retail Technologies, also known as Fynd, for $42.33 million.
Reliance Industrial Investments and Holdings Ltd (RIIHL), a wholly-owned subsidiary of the company, has entered into an agreement for the acquisition of shares of Shopsense Retail, Reliance Industries Ltd (RIL) said in a regulatory filing.
Reliance also mentioned in filling that it has an option to further invest up to 1 billion rupees 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.
Recently, eCommerce company Amazon is in talks with Reliance’s retail unit to buy a stake in its retail business, two sources with knowledge of the talks told Pixr8 News.
The total investment will translate into 87.6 percent of equity share capital in Shopsense on a fully diluted and converted basis.
Shopsense Retail or Fynd is a software technology company incorporated on September 27, 2012. It provides a technology platform and solutions to merchants to manage their inventory and sales across multiple demand channels for consumers, including e-commerce platforms.