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Reliance to acquire Fynd

Reliance Industries is set to acquire e-commerce fashion platform Fynd. On the lines of the acquisition of edtech startup Embibe, Reliance may acquire over 70 per cent of Fynd. The acquisition would be crucial for Reliance and for its entry into the consumer internet space. Fynd lets fashion and lifestyle brands sell online. Reliance’s e-commerce play would be around powering offline sellers and brands whereas Fynd follows an omni channel strategy. Fynd is backed by Google. This is the fourth acquisition for Reliance in the startup space. It has acquired controlling stakes in Embibe, EasyGov, Reverie Technology and Sankhya Sutra Labs.

Fynd was launched in 2012 as an in-store engagement provider, then branched out to be an e-commerce platform before evolving into an omni-channel or online-to-offline retail firm. Fynd offers same- or next-day delivery in eleven cities in India, and has tied up with about 250 brands. Its platform is both app- and webpage-based. Fynd’s omni-channel in-store product Fynd Store lets customers browse all products of a particular brand on screens inside the brand’s physical outlet. If a customer cannot find a product or a size at that outlet, it can be ordered and delivered via Fynd Store.

 

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