Amazon acquires retail tech start-up Perpule for Rs 108 cr
BusinessToday.In March 30, 2021
Amazon Technologies, a part of e-commerce major Amazon.com Inc, has acquired Bengaluru-based retail tech start-up Perpule for about Rs 107.6 crore.
The acquisition will allow Amazon to offer Perpule's 'UltraPoS' and other new technology products to its kirana partners.
The acquisition will allow early investors in Perpule to exit with 4-5 times returns, Mint, which accessed the regulatory filings filed by the start-up with the Reserve Bank of India (RBI), said.
In November 2018, Perpule had raised $4.7 million in Series A funding from Prime Venture Partners, Kalaari Capital and Venture Highway.
Amazon is also likely to pay additional remuneration to Perpule's employees, which will take the deal value to about Rs 150 crore, the publication cited two sources as saying.
Most of Perpule's employees, including co-founders Abhinav Pathak, Saketh BSV and Yogesh Ghaturle, are likely to join Amazon, it said.
Confirming the news of acquisition, an Amazon India spokesperson said Perpule's cloud POS will help offline stores manage their operations better. "Perpule has built an innovative cloud-based POS offering that enables offline stores in India to better manage their inventory, checkout process, and overall customer experience. We are excited to have the Perpule team join us to focus on providing growth opportunities for businesses of all sizes in India while raising the bar of the shopping experience for Indian customers," the spokesperson was quoted as saying.