Are Google, Paytm coming together to invest in Future Retail?
By MYBRANDBOOK
According to a report, Google and Paytm are all set to join hands to buy stake in Future Retail. Both the firms are planning to invest Rs 3,500 – 4,000 crore, which is about 10 per cent stake in Future Retail (FRL).
The Google-Paytm Mall combine force will be in direct competition against Amazon, which submitted a term sheet to pick up 10 per cent stake in Future Retail.
Google is keenly working to have a stake in hyperlocal retail space in the country. Google is also preparing to launch its e-commerce platform for over a year which may go live by Diwali. It is also planning to bring Google online shopping platform Google Express to India.
Besides Walmart, after Flipkart acquisition, has been asking Google for potential investment in Flipkart. Alibaba backed Paytm is also trying everything to win the payments and retail space in the country. If the deal gets through, it will serve a big blow to Amazon.
According to Future Group CEO Kishore Biyani, Future Group has data on consumption and buying frequency pattern of nearly 30 million loyal customers and a whopping 500 million footfalls or consumers who have visited its stores last year.
Amazon India arm registered as a foreign portfolio investor (FPI) is said to acquire up to 10 per cent in an Indian entity as a single firm. In 2017, US-based e-tailer picked up a 5 per cent stake in Shoppers Stop through its investment arm.
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