Monday, September 26, 2022
HomeBusinessReliance Retail buys 54% stake in robotics startup Addverb Tech, deals for...

Reliance Retail buys 54% stake in robotics startup Addverb Tech, deals for Rs 983 crore

According to Addverb Tech, the funds received from the company Reliance will be used to expand business abroad and set up a large robot manufacturing plant in Noida.

Mukesh Ambani-led Reliance Retail has bought a 54 per cent stake in domestic robotics company Adverb for USD 132 million (about Rs 983 crore). A senior official of the robotics firm gave this information on Tuesday. Adverb Technologies co-founder and CEO Sangeet Kumar said the company will continue to operate independently and the funds received from Reliance will be used to expand the business abroad and set up a large robot manufacturing plant in Noida. The company already has a manufacturing plant in Noida, where about 10,000 robots are made every year.

company statement

Kumar said, “With this investment, Reliance will have around 54 per cent stake in Adverb. He has become the largest shareholder in the company. Reliance was already one of our esteemed clients with whom we built high capacity automated warehouses for their grocery business Jio Mart. Factors like convenience and trust were already there, which led to this association.” He added that the strategic partnership with Reliance Retail will help us leverage 5G, battery technology through new energy initiatives.

Fund will be used for setting up manufacturing plant

He said, “We are a profitable company. We will use this fund to expand abroad and set up manufacturing plants.” Kumar said, “At present 80 percent of our income comes from India, but in the next 4-5 years, there is a need for India and foreign trade. The share is expected to be between 50-50 percent. Software accounts for 15 per cent of our revenue, which is projected to grow.” Adverb, founded in 2016 and expected to generate Rs 400 crore during the current financial year, is 100 per cent over the previous financial year. shows growth.

- Advertisement -
MOBILE

Auto

Two Wheeler

BUSINESS AND FINANCE

Digit News