India's Reliance Industries is buying a whooping 87.6% worth of stocks, $42.33 million, in Fynd, a start-up in Mumbai that connects retailers with online stores and consumers.

Not only does the seven-year-old Fynd connect brick and mortar retailers to consumers, but it also connects the market to the "demand channels" like third party e-commerce stores: Amazon India and Flipkart.

Among the 600 brands are 900 stores that get connected using Fynd's platform according to  Harsh Shah, co-founder of Fynd. Many brands also use the site's products to increase sales in their own e-commerce businesses.

Shah added that working directly with brands enables Fynd to offer a great selection, new inventories, and faster delivery.

Fynd has Google as one of its early investors. Though Reliance Industries and Fynd will continue operating the business separately, there is also the possibility for Fynd to receive an additional 1 billion India rupees (14 million) by the end of 2021 from Reliance Industries.

"Reliance is taking the majority stake in Fynd, but at the end of the day, for us, it is like any other investor coming in, " according to Shah. "We will still continue to work separately," adding that this is because, "we have our own independent roadmap, and we have own clients and products that we plan to grow."

Fynd will continue to scale and build existing products. This includes its OpenAPI that lets merchants list their products in either their own stores or third-party sites and in the process manage their sales and inventories.

Though Shah didn't comment on how much capital Reliance Industries already raised, Crunchbase said it around $7.3 million.

Fynd is already profitable just on the small commission it makes on every transaction, but Shah guarantees it is expecting to be fully profitable in the coming quarter.

India's e-commerce is projected to scale to $84 billion by 2021 from $24 billion in 2017according to a Deloitte India and Retail Association of India.

Likewise, Asia's richest man Mukesh Ambani of Reliance Industries plans to enter the e-commerce business on his own which many believe would be a problem for Amazon.

Ambani already announced that his telecom operator Reliance Jio and Reliance Retail are working on such a platform.

Meanwhile, Amazon.com Inc is talking with Reliance Industries in buying more than a quarter of the company's stake in Reliance Retail.