By using this site, you agree to the Privacy Policy and Terms of Use.
Accept

Theindiabizz

Startup and Entrepreneurship Stories, as well as a Leadership Story

  • Explore
    • India
    • Business
    • Venture capital
    • Private equity
    • Product Roadmap
  • News
    • Market
    • acquisition
    • Funding
    • energy
    • Automobile
  • Industry
    • Beauty Sector
    • Entertainment
    • Hotel Industry
    • Enterprise IT
    • Property
    • Consumer Internet
    • Tech
    • E commerce
    • Agency
    • Edtech startup
    • Banking Sector
  • Health
  • Leadership
Search
More
  • Her Story
  • Interview
  • Art And Culture News
  • Women Power
  • cryptocurrency
  • current affairs
  • Investor Pitch Deck
  • List of Indian VCs
  • List Of Investors In India
  • pr-newswire
  • Press release
  • Raise fund
  • Submit Startup
  • Government
  • Economy
  • Entertainment
  • Sport
  • Property
Reading: Reliance Retail To Invest INR 300 Cr in Robotics Company Addverb Technologies
Share
Notification Show More
Latest News
Top 10 Startup Tips for Founders: Building a Strong Foundation for Success
Top 10 Startup Tips for Founders: Building a Strong Foundation for Success
March 19, 2023
Top 5 Business Loan Providers in India: A Comprehensive Guide
Top 5 Business Loan Providers in India: A Comprehensive Guide
March 17, 2023
Simple Lifestyle Changes for a Healthier and Happier Life
Simple Lifestyle Changes for a Healthier and Happier Life
March 16, 2023
Travel Ideas for Beginners: Tips to Plan Your First Trip
Travel Ideas for Beginners: Tips to Plan Your First Trip
March 16, 2023
A new startup for corporate cards, with $157 million in equity and debt backing, is targeting competitors like Brex and Ramp.
A new startup for corporate cards, with $157 million in equity and debt backing, is targeting competitors like Brex and Ramp.
March 16, 2023
Aa
TheindiabizzTheindiabizz
Aa
  • Business
  • Politics
  • Funding
  • Health
  • Science
  • Fashion
  • acquisition
  • Agency news
  • Beauty Sector
Search
  • Explore
    • India
    • Business
    • Venture capital
    • Private equity
    • Product Roadmap
  • News
    • Market
    • acquisition
    • Funding
    • energy
    • Automobile
  • Industry
    • Beauty Sector
    • Entertainment
    • Hotel Industry
    • Enterprise IT
    • Property
    • Consumer Internet
    • Tech
    • E commerce
    • Agency
    • Edtech startup
    • Banking Sector
  • Health
  • Leadership
Have an existing account? Sign In
Follow US
Reliance Retail To Invest INR 300 Cr in Robotics Company Addverb Technologies
Funding

Reliance Retail To Invest INR 300 Cr in Robotics Company Addverb Technologies

Editor Desk
By Editor Desk Published December 28, 2021
Last updated: 2021/12/28 at 6:27 PM
Share
SHARE

Reliance Industries’ subsidiary Reliance Retail is likely to pick up a minority stake in Noida-based warehouse-focussed robotics startup Addverb Technologies with an investment of around INR 300 Cr.

A report by VCCircle, citing people in the know, said that the deal would value the robotics startup in the range of INR 1,590 Cr – INR 1,660 Cr.

If the deal passes through, it would be yet another major investment in a tech-based company by Mukesh Ambani-led Reliance Industries in recent times. The acquisition is well-aligned with its objective of widening the ambit of offerings and consolidating its position.

Addverb was founded in 2016 by Amit Kumar, Ashu Kansal, Bir Singh, Neeraj Sharma, Prateek Jain and Sangeet Kumar.

- Advertisement -

In October this year, its CEO Sangeet Kumar had said that Addverb plans to expand its robot manufacturing unit in India to boost its output by around 10 times in the next financial year. It also talked about starting international operations in Singapore, Australia, Europe, and the US by the end of 2021.

According to the startup’s website, it caters to its clientele in over five countries. Its patrons include Amazon, Flipkart, ITC, and Coca-Cola among others.

Addverb had earlier raised around $10 Mn from Jalaj Ashwin Dani of Asian Paints.

Reliance Retail has been on a shopping spree in both acquisitions and investments. For example, last month, it acquired a 100 percent stake in the retail lingerie businesses under the ‘Amante’ umbrella brand from MAS Brands— a wholly-owned subsidiary of MAS Holdings, Sri Lanka.

In September this year, it took significant control of Just Dial Limited by acquiring a 40.98% stake in the company.

During the July-September quarter, Reliance Industries’ subsidiary Reliance Retail Ventures Ltd acquired Milkbasket. Milkbasket is a subscription-based daily micro-delivery service, delivering fresh foods and daily needs to consumers.

Milkbasket was just another startup in Mukesh Ambani-led RIL’s shopping cart aimed at building its eCommerce empire. Other recent tech-based startups acquisitions by RIL include pharmacy startup Netmeds, online furniture startup Urban Ladder and Zivame among others.

0
0
0
0
Total
0
Shares