Kishore Biyani-led Future Group, an Indian private conglomerate, 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.
Future Plans Of Kishore Biyani
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 programmes.
Here are other plans of the company, according to Biyani —
- The conglomerate is opening up two small store format ‘Easy Day’ outlets, every day across towns with a population of 100,000 people.
- By October, the Group aims to clock three stores a day; and by next financial year, it will strike five stores a day.
- Also, the company is planning to open up Aadhaar stores/franchise stores for towns with less than 100,000 population.
Other Major Developments In Future Group
- 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% stake in the company, and with other ecommerce companies like Walmart and Alibaba who are also eyeing to own stakes in Future Retail.
- Kishore Biyani’s Future Lifestyle Fashion Ltd (FLFL) entered into a conditional agreement with London-listed fashion etailer Koovs to buy up to a 30% stake in the company.
- Biyani’s Future Group was also looking to enter into milk and dairy products delivery segment.
Apart from this, the Future Group is also planning to foray into the entertainment segment, Biyani said without elaborating details.
[The development was reported by Livemint]