Reliance Industrial Investments and Holdings Ltd, a wholly-owned subsidiary of Mukesh Ambani-led Reliance Industries Ltd, will buy a majority stake in Shopsense Retail Technologies Pvt Ltd, which runs fashion portal Fynd, for Rs 295.25 crore.
Reliance Industrial Investments & Holdings Ltd also has an option to further invest Rs 100 crore in Fynd by December 2021.
Overall, Reliance will be acquiring an 87.6% stake in Mumbai-based Fynd. The acquisition will help the company with its digital and new commerce initiatives.
The deal will also see early backers Google, Venture Catalysts and Kae Capital exiting the retail-focused startup.
Co-founded by Harsh Shah, Farooq Adam and Sreeraman MG in 2013, Fynd sources products across various categories like clothing, footwear, jewellery and accessories, directly from nearby outlets and brings them online.
Harsh Shah said, “Even though we have a business-to-consumer product, we have five business-to-business and B2B2C products, which are doing extremely well.”
“Even after this deal, Reliance will continue to be another customer on our platform. We will remain independent in how we run the company,” he added.