Reliance Industries Ltd, through its wholly-owned subsidiary Reliance Industrial Investments and Holdings Limited (RIIHL), has entered into an agreement for acquisition of equity shares of Shop sense Retail Technologies Pvt Ltd (also known as Fynd) for a cash consideration not exceeding Rs. 295.25 crore. Fynd is an online shopping platform of fashion. “RIIHL has an option to further invest an amount of up to Rs. 100 crore which is likely to be completed by December 2021. The total investment will translate into 87.6 per cent of equity share capital in Fynd on a fully diluted and converted basis,” Reliance Industries said in a filing with the Bombay Stock Exchange.
Incorporated on September 27, 2012, Fynd provides technology platform and solutions to merchants to manage their inventory and sales across multiple demand channels for consumers, including e-commerce platforms.Fynd is an early stage company, with turnover of Rs. 4.84 crore, Rs. 0.70 crore and Rs. 0.52 crore, and net loss of Rs. 18.64 crore, Rs. 10.64 crore and Rs. 1.51 crore in FY 2018, FY 2017 and FY 2016 respectively.The investment will further enable the Reliance Group’s digital and new commerce initiatives, the filing said.
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