Reliance Industries to acquire 87.6% stake in Fynd for Rs 295 crore

The company said its wholly-owned subsidiary Reliance Industrial Investments and Holdings Ltd has an option to further invest up to Rs 100 cr by Dec 2021 in Fynd

Reliance Industries Ltd will acquire an 87.6% stake in Shopsense Retail Technologies, also known as Fynd, for Rs 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 Rs 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.

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.