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Reliance Industries to Acquire 87.6% Stake in Google-Backed Fynd

Reliance Industries to Acquire 87.6% Stake in Google-Backed Fynd

  • Mukesh Ambani led Reliance Industries Ltd. has announced to buy majority stake in a Mumbai based technology startup ‘Fynd’ which is funded by Google, in a move to transform into online powerhouse.
  • RIL has agreed to buy 87.6% in Shopsense Retail Technologies Pvt, which operates the Fynd platform for Rs 295 crore ($42 million/Rs 2.95 billion) with an option to further invest Rs 100 crore by December 2021.
  • Google-backed Fynd is an online platform that acts as a bridge between physical retail stores and buyers online and helps you to find branded products as well as shop on the platform as well just like any e-commerce site.

Points to Remember:

  • Which company is acquiring Fynd?
  • Total stake and cost of acquisition?
  • Fynd is backed by which company?

 

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