Reliance to buy Google-backed tech start-up Shopsense Retail

Reliance Industries agreed to buy a stake Shopsense Retail Technologies Pvt, technology start-up funded by Google, scooping up an inventory-management platform and adding to the list of smaller deals the conglomerate has assembled to take on Amazon.

The Mukesh Ambani’s group agreed to buy a controlling stake in Shopsense Retail, which operates the Fynd platform, according to a statement dated August 2. The investment unit of Reliance will pay as much as ₹2.95 billion in cash, with an option to plow in a further ₹1 billion. Once completed by December 2021, the total investment would translate to an 87.6 per cent stake, the company said.