Reliance Industries on Saturday said it has inked a pact to acquire a significant stake in Shopsense Retail Technologies for up to Rs 295.25 crore. Shohpsense runs and operates Fynd, an online shopping platform of fashion backed by investors including Google, Venture Catalysts, Kae Capital and Traxn Labs among others. Search giant Google has invested in Fynd in March this year, according to Crunchbase data.
Reliance Industrial Investments and Holdings Ltd (RIIHL), a wholly-owned subsidiary of the company, has entered into an agreement for acquisition of shares of Shopsense Retail, Reliance Industries Ltd (RIL) said in a regulatory filing.
“The aforesaid investment will further enable the group’s digital and new commerce initiatives,” it added.
RIIHL has an option to further invest an amount of up to Rs 100 crore in Shopsense which is likely to be completed by December 2021, RIL said.
“The total investment will translate into 87.6 per cent of equity share capital in Shopsense on a fully diluted and converted basis,” it added.
Shopsense Retail or Fynd is a software technology company incorporated on September 27, 2012. It provides technology platform and solutions to merchants to manage their inventory and sales across multiple demand channels for consumers, including e-commerce platforms. PTI