GSS Infotech, an IT company based out of Hyderabad, announced that the board has approved the acquisition of 100% stake of an Indian “farm to store” company Polimeraas , with a combination of stock and cash. Polimeraas is valued at Rs.250 cr.
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, the statement said.
Speaking about the merger, 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,” Bhargav Marepally added.
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