Reliance Industries Limited, an Indian multinational conglomerate company, headquartered in Mumbai, is all set to take 87.6 per cent stake in Fynd, a fashion e-commerce platform, based out of Bombay, for ₹295 crore, cited Inc42.
This comes merely few days after Amazon, the global e-commerce giant was, reportedly, in talks to pull out 26 per cent stake in the retail arm of the Reliance industries.
Also read: Amazon in talks to buy 26% stake in Reliance Retail after Alibaba drops out
Fynd was founded by Farooq Adam, Harsh Shah, and Sreeraman MG in 2012. The platform functions on an O2O model and directly sources products across various categories including clothing, footwear, jewellery, and accessories, from prominent brands in the country.
The startup optimises delivery time by sourcing products from the outlets nearest to the customer. It claims to have about 8,000 outlets on board for about 500 clients.
Fynd’s in-house product the ‘Fynd Store’ helps brand stores save their in-store sales data. Fynd Store helps store managers place order on behalf of walk-ins, in case the desired product is not stocked or not available in the right size in the store.
Importantly, Reliance Group, was said to be in talks to acquire Fynd in March 2019, with unconfirmed reports claiming RIL looking for a 70 per cent stake in the company.
Besides Fynd, other fashion-based digital platforms include Faballey, Fashion and you, Stalk by Love, Koovs.com, Yep Me, and many more.