Reliance to buy a majority stake in Google-backed Fynd

Reliance has now confirmed that is now going to acquire aa majority off the stake in the online fashion marketplace Fynd.

Reliance Industrial Investments and Holdings, which is a subsidiary of Reliance Industries has entered into an agreement with the Google-backed fashion marketplace to acquire an 87% stake, according to the report.

The company will acquire the stake with a cash investment of $41.8 Million in Shopsense retail Technologies, according to the report.

Moreover, RIIHL also has the option of investing another INR 100 crore in cash into the Fynd, according to the report.

The company which is founded by Shah, Sreeraman, Farooq in the year 2013. Fynd sources products across the various categories, which include the footwear, clothing, accessories, and jewelry directly from nearby outlets and bring them online.

In the year 2018 March, the company secured a Series C funding round led by the tech giant Google. Its other investors include the IIFL, Kae Capital, Tracxn, Venture Catalysts, Axis Capital, Singularity Ventures, GrowX, and some other angel investors.