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A day or two before, Reliance Industries is in talks with the acquisition of a logistics service platform Grab a Grub and other startups in a row. Finally, the company is in agreement with hyperlocal logistics services.
Mukesh Ambani- driven Reliance Industries limited had two separate filings made in Bombay Stock Exchange (BSE). The company said that its wholly-owned subsidiary Reliance Industrial and Holdings Limited (RIIHL) is in concord to pay $14.9M (Rs 106) to acquire equity shares in Mumbai-based hyperlocal logistics platform “Grab A Grub” startup in a cash deal.
RIL in its submission to the exchanges, “(The deal) is likely to be completed by March 2021. The total investment will translate into about 83% of equity capital in Grab on a fully diluted basis.”
The company is likely to invest up to $5.63 million (Rs.40 Cr) by March 2021 to complete the acquisition.
As per media, Reliance is keen on buying Grab A Grub that provides technology-enabled and asset-light logistics services for various verticals. The startup caters its services to both B2B and B2C sectors.
Grab is a startup founded in 2014, by Pratish Sanghvi, Jignesh Patel, and Nishant Vora. The startup is a third-party logistics services that deliver food for delivery companies, grocery deliveries, an online pharmacy. Grab has raised over Rs 30 crores from investors including Oliphans Capital, Sixth Sense Ventures, SIDBI, Zomato, and Aramex-a Dubai-based logistics firm. It has got notable clients in their lists like Big Basket, Big Bazaar, Flipkart, Amazon, and McDonald’s. Currently, it runs in Mumbai, Delhi, Bengaluru, and Ahmedabad.
Apart from this, RIL also agreed to invest Rs.22.4 crore in pharmaceuticals-focused software company C-Square Info Solutions founded in July 18, 2002, with an infusion of Rs 60 crore into the company.