Mukesh Ambani goes for Grab A Grub!!
By SK Kapoor.
Asia’s richest person Mukesh Ambani goes for acquiring new startups to expand its sprawling empire.
Reliance Industries Ltd. is acquire a stake in Mumbai-based local delivery Startup Grab a Grub Services Pvt. Ltd.
According to Stock Exchange filing , Reliance Industrial Investments and Holdings Ltd. Will purchase equity shares of this startup for Rs. 106 Crore.
In addition to it , in March 2021 , the RIL will increase its funding by Rs.40 Crore , which would probably result in about acquiring 83% of Grab’s Stake, on fully diluted basis.
In order to create an E-Commerce giant against Amazon Inc. and Walmart Inc., Ambani plans to marry the telecom and retail ventures and this acquisition is merely a step in the same direction.
The statement said, “ The aforesaid investment will further augment the group’s digital commerce initiatives and strengthen its logistics services, catering to both B2B and B2C segments.”
Grab A Grub ; founded in 2014 , with an investment of over $2.3million funding with strategic backing from Zomato and Dubai-based Aramex.
This startup deliver over 127 million orders around 49 cities , having offices in Mumbai , Delhi , Ahmedabad and Bengaluru.
McDonalds , KFC, Domino’s , Fed Ex , Amazon , BigBasket , Flipkart and Big Bazaar are some big names in the client list of Grab.
According to Times Of India report, “Grab has been talking to potential suitors for the last six-seven months including Paytm.” , this report raised the interest of RIL in Grab!
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