Reliance Industries' Arm Acquires 85% Stake In Nowfloats Technologies
Reliance Strategic Business Ventures Ltd (RSBVL), a wholly-owned subsidiary of Mukesh Ambani-led Reliance Industries, has acquired 85 per cent of equity shares in NowFloats Technologies for Rs 141.63 crore.
RSBVL proposes to make a further investment of up to Rs 75 crore subject to achieving agreed milestones, Reliance said in a statement on Thursday. The further investment is expected to be completed by next year-end. After the further investment, the shareholding of RSBVL will increase to 89.66 per cent of the equity share capital of Nowfloats.
Nowfloats was incorporated in India on May 9, 2012. It offers software-as-a-service (SaaS) solutions to small and medium enterprises (SMEs) that enable them to get a digital presence.
Other solutions include local content discovery platform, online business management suite, website promotion, marketing solutions and various other offerings for SMEs.
Nowfloats is an early-stage company with a turnover of Rs 32.56 crore, Rs 18.73 crore and Rs 10.38 crore and net losses of Rs 43.24 crore, Rs 47.49 crore and Rs 31.43 crore in FY 19, FY 18 and FY 17 respectively.
"The aforesaid investment will further enable the group's digital and new commerce initiatives," said Reliance.
No governmental or regulatory approvals were required for the said investment. The investment does not fall within related party transactions and none of RIL's promoter or promoter group or group companies has any interest in the transaction, it added.
(ANI)
