Thiruvananthapuram: An e-commerce service startup co-founded by a Keralite and invested in by Google has been taken over by Mukesh Ambani’s Reliance Industries.

Reliance bought 87.6 per cent of shares of Fynd for Rs 395 crore, heralding the Indian corporate's entry into the growing e-retail sector ruled by Amazon and Flipkart. Reliance is set to buy the rest of the shares currently held by the founders which include MG Sreeraman, a native of Kamaleswaram in Thiruvananthapuram district.

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An official announcement about the buyout is expected in Reliance’s annual general body meeting on August 12. Investors’ share value in Fynd rose six fold after Reliance’s move. Google had invested Rs 50 crore in the firm last year.

Sreeraman and friends Farooq Adam and Harsh Shah founded Fynd’s parent company Shopsense Retail Technologies in 2012. Instead of storing products in warehouses like major e-retailers, Fynd links 9,000 stores of over 600 brands spread across country to deliver goods.

Sreeraman is the son of Mohan Kumar, former University College professor, and Girija Devi, a professor at the College of Agriculture, Vellayani.

After studying at Christ Nagar School, Thiruvallam, and TKM Engineering College, Kollam, Sreeram co-founded the company while a Master’s student at the IIT Bombay.

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