Reliance Industrial Investments picked up a stake in online fashion retail platform Fynd (formerly Shopsense Retail), which was “particularly challenging as it involved the buyout of a large number of Fynd’s shareholders”, said Supratim Chakraborty, a partner at Khaitan & Co, which worked on the deal.
The ₹2.95 billion (US$41 million) transaction “provided an exit to nearly 90 investors – angel investors and institutional ones such as Kae Capital, IIFL, Google International, etc., – in a relatively short period of time”, said Bharucha & Partners founding partner Alka Bharucha, who advised Fynd.
He pointed out that Fynd has only been in operation for about seven years. “Co-ordinating with the large number of investors for documentation as well for dematerialization was one of biggest challenges faced in completing the deal,” he said.
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