BENGALURU: Reliance Retail has picked up a 54% stake in robotics organization Addverb Systems for $132 million, with the previous getting to be the biggest shareholder. Addverb had earlier lifted $11 million in a round led by Jalaj Dani, co-promoter of Asian Paints.
Founded by Sangeet Kumar, Prateek Jain, Bir Singh, Satish Kumar Shukla and Amit Kumar in 2016, the Noida-dependent Addverb counts Flipkart, HUL, Asian Paints, Coca-Cola, Pepsi, ITC and Marico among the its consumers. It has deployed robots for above 100 customers. The funding values the business at $270 million. The founders go on to keep about 25% stake in the business.
Kumar explained with a inventory deal after the transaction, Reliance will maintain 55.7% in the agency. “We will deploy the cash to established up a second manufacturing facility in the Delhi-NCR area. We have 550 engineers and we program to broaden it to 2,000 engineers in 2-3 decades. We will operate with Reliance Retail, Ajio and its electrical power and petrochemical businesses. We will also do the job with our other purchasers like Unilever, Pepsi and Coca-Cola,” he claimed.
Addverb has subsidiaries in Singapore, Netherlands and Australia, and goods across four verticals.
Founded by Sangeet Kumar, Prateek Jain, Bir Singh, Satish Kumar Shukla and Amit Kumar in 2016, the Noida-dependent Addverb counts Flipkart, HUL, Asian Paints, Coca-Cola, Pepsi, ITC and Marico among the its consumers. It has deployed robots for above 100 customers. The funding values the business at $270 million. The founders go on to keep about 25% stake in the business.
Kumar explained with a inventory deal after the transaction, Reliance will maintain 55.7% in the agency. “We will deploy the cash to established up a second manufacturing facility in the Delhi-NCR area. We have 550 engineers and we program to broaden it to 2,000 engineers in 2-3 decades. We will operate with Reliance Retail, Ajio and its electrical power and petrochemical businesses. We will also do the job with our other purchasers like Unilever, Pepsi and Coca-Cola,” he claimed.
Addverb has subsidiaries in Singapore, Netherlands and Australia, and goods across four verticals.
