GSS Infotech acquires fruits and vegetables retail chain Polimeraas
GSS Infotech Limited has acquired Indian fruits and vegetables retail chain Polimeraas Argos in stock and cash deal worth INR 250 crores.
The Hyderabad-based software company said that the takeover of Polimeraas Argos will be executed via a scheme arrangement, which will be contingent on shareholders’ approval, approvals from stock exchanges, and approvals from regulatory authorities.
Based in Hyderabad, Polimeraas is engaged in procuring, distributing, and selling agricultural products, fully processed as well as semi processed food and other home consumables.
The fruits and vegetables retail chain operates 75 stores across Hyderabad and Bengaluru and has an average monthly footfall of 21,000 per store.
Polimeraas is said to have growth plans of boosting its footprint by more than 100 brick and mortar stores apart from launching online fulfilment using mobile applications.
Bhargav Marepally — CEO of GSS Infotech said: “GSS has always been focused not just growth but on strategic growth opportunities that take advantage of a changing business environment. B2C e-commerce opportunities leveraging core technology strength has always been an integral part of GSS’s inorganic growth strategy to drive growth.
“This, therefore, is clearly the most logical step to take bearing in mind the explosive growth we are going to see for e commerce especially for online and hyper local fulfilment.
“Polimeraas stores are currently ideal dark stores for a hyper local rapid delivery fleet. We see meaningful opportunities to improve efficiency across the value chain by leveraging data analytics. We are also going to focus on creating tech-enabled best in class retail experiences.”