Post Date : March 6, 2019
Mukesh Ambani led Reliance Industries has recently announced its acquisition of Gurgaon based logistics startup Grab in order to strengthen its e-commerce initiatives.
Reliance Industrial Investments and Holdings Limited (RIIHL), a wholly owned subsidiary of Reliance Industries will acquire equity shares of Grab A Grub Services Private Limited (Grab) in a cash deal worth $14.9 Mn (INR 106 Cr). In order to complete the acquisition deal, RIIHL will make further investments in the range of $5.63 Mn (INR 40 Cr) in this last-mile delivery startup.
Founded by Pratish Sanghvi, Nishant Vora and Jignesh Patel, Grab is India’s first and leading last mile delivery service for businesses and merchants providing on-demand services. Incorporated in 2014, Grab was the first Indian company to venture into offering an enterprise last-mile logistics services and to cater to restaurants, grocery stores, pharmacies, telecom etc.
With this acquisition, Reliance Industries Limited (RIL) will control 83% equity of Grab on a fully diluted basis. According to RIL, the aforesaid investment will further augment the group’s digital commerce initiatives and strengthen its logistics services, catering to both B2B and B2C segments.
Reliance has also recently acquired a software firm C-Square along with three more Indian startups namely Reverie Language Technologies, EasyGov and SankhyaSutra Labs.