RIL acquires majority stake in NowFloats
Reliance Industries, through its Reliance Strategic Business Ventures, has acquired 85% stake in Hyderabad-based software as a service (SaaS) startup – NowFloats for ₹142 Cr., valuing the start-up at about ₹167 Cr.
While we’re here: Reliance is stepping into digital sectors such as eCommerce, mixed reality, big data, logistics and deeptech by investing and acquiring homegrown and global tech Startups. So far, significant investments have been made in over 2 dozen startups. Among the top 12 Indian Startups, RIL has acquired a majority stake in almost all of them.
Speaking of RIL investing into startups, it is fascinating to see how big corps are giving heightened focus to new-age startups who are disrupting the traditional markets through their innovative offerings. Recently, the homegrown utility vehicle major – Mahindra & Mahindra, agreed to acquire 55% stake in the radio taxi operator – Meru Cabs. In addition, other big corps with deep pockets, like Hero Group, Wipro, and MG Motors, have also been investing in the start-up ecosystem.