Deals
Ambani’s Reliance to Buy Google-Backed Indian E-Commerce Startup
- Cash deal gives Reliance control of Fynd inventory platform
- Ambani focused on push into e-commerce with small tech deals
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Reliance Industries Ltd. agreed to buy an Indian technology startup funded by Google, scooping up an inventory-management platform and adding to the list of smaller deals the conglomerate has assembled to take on Amazon.com Inc.
Billionaire Mukesh Ambani’s group agreed to buy a controlling stake in Shopsense Retail Technologies Pvt, which operates the Fynd platform, according to a statement dated Aug. 2. The investment unit of Reliance will pay as much as 2.95 billion rupees ($42 million) in cash, with an option to plow in a further 1 billion rupees. Once completed by December 2021, the total investment would translate to an 87.6% stake, the company said.