After Reliance Industries is acquired 87.6% stake in Fynd, a Mumbai-based startup that connects brick and mortar retailers with online stores and consumers, for ($42.33 million) 2.95 billion Indian rupees,said Harsh Shah,co-founder of Fynd. Reliance Industries is on drive to drive the complete eco-system related to the technology to give several advantage to the customers through 5G ,Previously, it acquired controlling stakes in Embibe, EasyGov, Reverie Technology, Sankhya Sutra Labs, Haptik, Fynd and recently NEWJ.
Fynd, which was founded in 2012, helps offline retailers sell their products to consumers directly through its online store, and also enables them to connect with other “demand channels” such as third-party e-commerce platforms Amazon India and Flipkart . There are more than 600 brands including Nike, Raymond, Global Desi and Being Human, and 9,000 stores are connected through Fynd’s platform.
Since Fynd works directly with brands, it offers a wider selection of items and newer inventories to consumers, as well as faster delivery, Shah claimed. To expand to the next generation technology into video media Reliance Industries Limited has invested Rs 5 crore in New Emerging World of Journalism (NEWJ), an early-stage startup that curates and produces video content for smartphone users.
Video content market has a massive opportunity for innovative visual storytelling in India and this 20-months-old startup has grabbed this opportunity by producing and curating content for social and digital platforms - Facebook, YouTube, Instagram, Twitter and WhatsApp.
Earlier, in November 2018, RIHL had invested Rs 1.03 crore in NEWJ for an undisclosed equity stake. NEWJ was founded by Shalabh and Deeksha Upadhyay, children of Umesh Upadhyay, president and director media at RIL. Following the investment, RIHL will hold around 30,001 equity shares while Shalabh will have 9,999 equity shares in the company.
Since its inception, NEWJ has received decent traction and engagement on text-based videos via social network, especially Facebook, Instagram and YouTube. NEWJ covers an array of informative content related to politics, trends, history, arts, business, sports, Information Technology, culture, lifestyle, science, space and defence.
Given that cheap internet, especially Jio, has led to a rapid rise in consumption of content in India, back to back investments from RIL will provide enough power to the company to grow and scale. With this Reliance Industries would be overall seventh such deal for RIL in the past one and half year.
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