MUMBAI: Reliance Industries Ltd (RIL) will acquire an 87.6 per cent stake in Shopsense Retail Technologies, also known as Fynd, for Rs295 crore ($42.33 million), the company said in a statement.
RIL said its wholly-owned subsidiary Reliance Industrial Investments and Holdings Ltd has an option to further invest up to Rs100 crore by December 2021 in Fynd, a software technology company formed in September 2012.
Reliance 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.
Reuters has said that Amazon.com Inc is reportedly in talks with Reliance’s retail unit to buy a stake in its retail business.