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Reliance buys 87% equity in e-commerce platform Fynd

Reliance Industries Limited (RIL) has bought an 87.6% equity share in software company Fynd for ₹295.25 crore, the company said in a stock exchange filing on August 3. The purchase was made by RIL wholly-owned subsidiary Reliance Industrial Investments and Holdings Limited (RIIHL) which has the option to invest a further ₹100 crore, which will likely be completed by December 2021. This ties up with RIL's plans to venture into e-commerce. RIL's newest find is also backed by Google Fynd, operated by Shopsense Retail Technologies Pvt Ltd, is a software technology company that helps offline retailers directly sell their products to consumers through the online store. Fynd connects more than 600 brands and 9,000 stores, TechCrunch reported. It was incorporated in September 2012 and was founded by Farooq Adam, Harsh Shah and Sreeraman MG. According to Crunchbase, Google is a lead investor in the seven-year-old company. Fynd was the second investment led by Google in an Indian start-up, after Dunzo, as per an Inc42 report. As per Reliance’s filings, Fynd had a turnover of ₹4.84crore, ₹0.70 crore and ₹0.52crore, and net loss of ₹18.64 crore, ₹10.64 crore and ₹1.51 crore in FY18, FY17 and FY16, respectively. Shah reportedly said that the company is "profitable on an operating level and expects to be fully profitable in the coming quarters". Reliance's focus on e-commerce In January 2019, at the 9th Vibrant Gujarat Summit, RIL Chairman and Managing Director Mukesh Ambani had announced that Reliance Retail and Reliance Jio Infocomm would jointly launch…

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