Reliance Industries (RIL) is in advanced discussions to buy a majority stake in Grab (Grab a Grub Services Pvt. Ltd). A hyperlocal logistics startup backed by SIDBI Venture Capital, the venture capital arm of Small Industries Development Bank of India (SIDBI), reported Times of India (TOI) citing sources familiar with the development.
Grab even provides with the third-party, last-mile logistics services and products for food delivery companies, online pharmacy and grocery delivery, among others. Its logistics service is used by businesses encompassing restaurants, e-commerce companies, retailers, grocers, pharmacies, food tech platforms and banks, among others.
Grab has been talking to potential suitors for the last six-seven months and had also held talks with Paytm for an acquisition, said the TOI report.
Reliance Industries has been acquiring new-age companies for a year and the acquisition activity spikes in the last six months.
In the same month, RIHIL, a wholly-owned subsidiary of RIL, acquired 88% stake in Kanoda Energy, an Ahmedabad-based renewable energy services firm, for Rs 75 crore (about $10.7 million), in an all-cash deal.
Last year, the company acquired music-streaming service Saavn and merged it with its JioMusic, valuing the combined unit at $1 billion. It also acquired one of the latest education tech startup Embibe and committed to invest another $180 million in the company.