In Brief: Future Retail plans stake sale; hospitality firm takes OYO to court

In Brief: Future Retail plans stake sale; hospitality firm takes OYO to court
Photo Credit: VCCircle
15 Jun, 2020

Kishore Biyani-owned Future Retail is holding stake sale discussions with a consortium of investors led by Premji Invest, The Economic Times reported. The company is also in parallel talks with Reliance Retail, Amazon and Samara Capital for a deal, the report said, citing sources. The move is expected to help the flagship retail firm address a liquidity crisis as it battles mounting debt issues, the report added.

Read: Future Consumer may raise Rs 300 cr via rights issue

Hospitality firm alleges breach of contract, takes OYO to court

New Delhi-based hospitality firm Pearl Hospitality & Events has filed a case against OYO for breach of contract, as per an Economic Times report. OYO allegedly refused to pay the money it owed Pearl for exiting the property before the lock-in period expired, the report said, citing court documents. Last week, the Delhi high court issued a notice to the Gurugram-based company, asking it to submit a response by June 19, the report added.

Read: OYO appoints Albrecht as non-executive director

ShareChat migrates to Google Cloud 

Social media platform ShareChat said it has fully migrated its infrastructure to Google Cloud. The move will help the Bengaluru headquartered firm scale its business, improve efficiency, reduce costs and enhance the overall performance of the app, according to a statement. ShareChat claims to serve over 60 million monthly active users who create content in 15 regional languages.

Fynd launches virtual try-on solution for retailers

Fashion marketplace Fynd has rolled out a virtual try-on solution, called GlamAR, for the retail industry. The solution is expected to help brands create a visual product experience, where consumers can experiment with multiple beauty categories, such as face and eye makeup, nail paint and hair colour, and purchase the products they like, as per a statement. Additionally, the company aims to expand its offerings and foray into product categories such as jewelry, watches and eyewear, it said. 

Wipro rolls out solution to improve workplace safety

Bengaluru headquartered information technology service firm Wipro has rolled out a solution to improve workplace safety and inspection efficiency, as well as lower risks and costs. Built on IBM’s integrated workplace management system, the Digital Inspection Solution can be used across industries such as retail, construction, hospitality, financial services, manufacturing and supply chain management, as per a statement. 

Flipkart strengthens furniture portfolio with kids range 

Walmart-owned ecommerce platform Flipkart has launched a furniture line, called Perfect Home Juniors, to cater to children in the 2-16 age group. The line includes locally-manufactured furniture that has rounded edges, is free of toxic chemicals, is sturdy and does not have any pinching parts, the Bengaluru-based company said in a statement. It is part of Flipkart’s Perfect Homes Studio range, which was launched in February, it added.

Comment(s)