Reliance Retail Ventures to acquire minority stake in robotics company for Rs 300 crore.
- ByStartupStory | December 28, 2021
According to reports, Reliance Retail Ventures Ltd, the retail unit of Reliance Industries Ltd, is planning to acquire a minority stake in warehouse robotics company Addverb Technologies Pvt. Ltd for around ₹300 crore.
Addverb Technologies was founded in 2016 by former Asian Paints executives Satish Shukla, Sangeet Kumar, Prateek Jain, Bir Singh, Amit Kumar and Neeraj Sharma. The company claims 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.
Reliance has made several acquisitions this year through its retail unit and has raised nearly $6.4 billion in external funding last year from the likes of US-based private equity firm Silver Lake Partners, Saudi Arabia’s Public Investment Fund, private equity firm KKR & Co., Abu Dhabi state fund Mubadala Investment Co. and Abu Dhabi Investment Authority.
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.
Follow Startup Story
Related Posts
