Friday, January 21, 2022

Reliance Retail acquires 54% in a robot company


Reliance Retail acquires 54% in robot company Addverb for $132 million

BENGALURU: Reliance Retail has gotten a 54% stake in advanced mechanics organization Addverb Technologies for $132 million, with the previous turning into the biggest investor. Addverb had recently brought $11 million up in a round drove by Jalaj Dani, co-advertiser of Asian Paints.

Established by Sangeet Kumar, Prateek Jain, Bir Singh, Satish Kumar Shukla and Amit Kumar in 2016, the Noida-based Addverb counts Flipkart, HUL, Asian Paints, Coca-Cola, Pepsi, ITC and Marico among its clients. It has conveyed robots for more than 100 clients. The financing esteems the firm at $270 million. The authors keep on holding around 25% stake in the firm.

Kumar said with a stock arrangement after the exchange, Reliance will hold 55.7% in the firm. "We will convey the assets to set up a second assembling office in the Delhi-NCR area. We have 550 specialists and we intend to grow it to 2,000 designers in 2-3 years. We will work with Reliance Retail, Ajio and its energy and petrochemical organizations. We will likewise work with our different customers like Unilever, Pepsi and Coca-Cola," he said.

Addverb has auxiliaries in Singapore, Netherlands and Australia, and items across four verticals.

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