Hyderabad-based GSS Infotech acquires Polimeraas for Rs 250 crore
Hyderabad: Hyderabad-based GSS Infotech has acquired 100 per cent stake in ‘farm to store’ company Polimeraas for Rs 250 crore, in a stock and cash deal. The Board of GSS Infotech approved the acquisition. Hyderabad-headquartered Polimeraas operates 75 stores across Hyderabad and Bangalore with an average footfall of 21,000 per store per month. The company […]
Hyderabad: Hyderabad-based GSS Infotech has acquired 100 per cent stake in ‘farm to store’ company Polimeraas for Rs 250 crore, in a stock and cash deal. The Board of GSS Infotech approved the acquisition.
Hyderabad-headquartered Polimeraas operates 75 stores across Hyderabad and Bangalore with an average footfall of 21,000 per store per month. The company plans to expand its presence by 100 plus brick and mortar stores as well as launch online fulfillment using mobile applications.
Polimeraas deals with procurement, distribution and sale of agricultural products, fully processed and semi-processed food and other home consumables. The merger of Polimeraas Agros with GSS Infotech will be through a scheme transaction subject to the approval of the shareholders, stock exchanges and regulatory authorities.
Speaking about the merger, Bhargav Marepally, CEO, GSS Infotech said, “GSS has always been focused not just on 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.”
“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,” Marepally added.
GSS Infotech, established in 1999, is an IT company specialising in application development, e-commerce & cloud, security, remote infrastructure management and application management services.
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