30th September 2021, Mumbai:
Reliance acquired e-commerce platform Fynd is converting its registered company into a public company. As per the Inc42 report, Fynd’s registered company Shopsense Retail Technology will be converted into Shopsense Retail Technologies Retail.
The public company will comply with SEBI’s regulations which seek a subsidiary of a listed company to convert into a public company. Harish Madnani, Additional Director, Fynd will also be appointed a director in the startup.
Madnani was a chief financial officer of Jio Payment Bank, Marks & Spencer Reliance India, and Reliance Jio Media.
Founded in 2012 by Farooq Adam, Harsh Shah, and Sreeraman MG, Fynd is an omnichannel fashion platform that sells products across various categories – including clothing, footwear, jewellery, and accessories, from prominent brands in the country.
It enables small and medium-sized businesses to go online by helping them list their inventory on multiple e-commerce platforms such as Amazon, Nykaa among others. The startup also helps small businesses with last-mile logistics delivery.
The Mumbai-based startup optimizes delivery time by sourcing products from the outlets nearest to the customer.
The startup employs more than 250 employees spread across design, engineering, data science, operations, and sales. It claims to deliver products from over 600 brands and 10,000 stores.
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