Reliance Retail likely to pick up minority stake in Addverb
- ByTejika Bajaj | December 29, 2021
Reliance Retail Ventures Ltd, the retail unit of Reliance Industries Ltd, is likely to acquire a minority stake in warehouse robotics company Addverb Technologies Pvt. Ltd for an approximate amount ₹300 crores, reveal sources close to the development.
A personnel close to the development cited that if the deal goes through, it will value Addverb Technologies at ₹1,590-1,660 crore.
Through its retail unit, Reliance has made several acquisitions this year. Last month, it bought out retail lingerie businesses under the ‘Amante’ brand from MAS Brands, a unit of Sri Lanka-based MAS Holdings, for an undisclosed amount. Reliance Retail took a 52% stake in India’s oldest fashion house, Ritu Kumar, in October.
Founded in 2016 by former Asian Paints executives Satish Shukla, Sangeet Kumar, Prateek Jain, Bir Singh, Amit Kumar and Neeraj Sharma, Adverb Technologies claims that its products help companies improve space utilization in warehouses and factories by leveraging robotics and warehouse automation. It caters to industries such as e-commerce, health, aviation, retail, grocery, fashion, third-party logistics, pharmaceuticals and auto parts.
Reports of other media houses suggest that the robotics startup has raised more than $10 million from Jalaj Ahwin Dani in two tranches in 2017 and 2019. This announcement comes at the wake of multiple investors exhibiting a sudden pique of interest in the robotics industry with funding flowing consistently.
To be sure, a handful of startups in the robotics space have raised funding in the recent past. Earlier this month, Pune-based supply chain robotics technology company Unbox Robotics secured $7 million in its Series A funding round led by 3one4 Capital. Earlier this month, market-bound logistics company Delhivery acquired California-based Transition Robotics Inc.
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