Indian energy and telecoms conglomerate Reliance Industries Ltd will acquire an 87.6% stake in Shopsense Retail Technologies, also known as Fynd, for 2.95 billion Indian rupees ($42.33 million), it said in a statement.
The company said its wholly-owned subsidiary Reliance Industrial Investments and Holdings Ltd has an option to further invest up to 1 billion rupees by December 2021 in Fynd, a software technology company formed in September 2012.
Reliance Industries already runs retail stores and has announced plans to diversify into e-commerce.
Fynd provides technology platform and solutions to merchants to manage their inventory and sales across multiple demand channels for consumers, including e-commerce platforms.
Amazon.com Inc is in talks with Reliance’s retail unit to buy a stake in its retail business, two sources with knowledge of the talks told Reuters on Friday.