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Reliance to take over ‘Malayali’ start-up

Reliance Industries headed by Mukesh Ambani to take over a ‘Malayali’ start-up. Reliance will take over the e-commerce start-up named ‘ Fynd’ started by Malayali businessmen M.G., Sreeraman, a native of Thiruvananthapuram.

This move of Reliance is to face e-commerce giants Amazone and Flipkart. Last year Google has invested 50 crores in ‘Fynd’.

Reliance has owned 87.6% of shares of the star-up for 395 crore rupees. The owners of the start-up have 12% shares. The investors share value has risen six-fold as Reliance owned it.

Sreeraman started the mother company of ‘Fynd’, Shopsense Retail Technologies in 2012 in partnership with his friends Farookh Adam, and Harsh Shah. Around 600 brands were part of the company. Around 9000 stores are part of it.

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