Kishore Biyani-led Future Group is planning to raise funds for expansion through tie-ups with tech companies. In November last year, Biyani had announced the launch of Retail 3.0 business model Tathaastu, which would blend technology with brick-and-mortar.
“We are looking at these (technology) companies to bring in the money,” Kishore Biyani said during the India Retail Forum event in Mumbai.
Earlier in May this year, it was reported that Future Group was holding talks with global retailers, technology companies — such as Amazon Inc, Alphabet Inc.’s Google, Chinese firms Tencent Holdings Ltd, Alibaba Group Holding Ltd — and strategic investors, for potential partnerships.
Kishore Biyani plans in turning Future Group as one of the largest packaged consumer goods companies in India. With its consumer retail arm, Future Group aims to create an ecosystem — comprising manufacturing, distribution and ownership — through its customer loyalty programs.
Kishore Biyani recently announced his plans to close a deal with foreign investors for Future Retail, without disclosing the names. Amazon was reportedly in talks with Future Retail Limited to acquire 10 percent stake in the company, and with other e-commerce companies like Walmart and Alibaba who are also eyeing to own stakes in Future Retail. Apart from this, the Future Group is also planning to foray into the entertainment segment, Biyani said without elaborating details. – Inc42