Thursday, March 30, 2023

Reliance Retail acquires 54% in robotic co Addverb for $132mn – Hourly Key Information

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.

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