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Reliance Industries acquires majority stake in NowFloats

19
Dec '19
Pic: Shutterstock
Pic: Shutterstock
Reliance Industries (RIL) has acquired a majority stake in software-as-a-service (SaaS) provider NowFloats Technologies Pvt Ltd as part of efforts to boost its digital and offline-to-online initiatives. It bought an 85 per cent stake for ₹141.64 crore and will invest an additional ₹75 crore to raise its holding to 89.66 per cent, it said in a stock exchange filing.

RIL, which made the acquisition through wholly owned unit Reliance Strategic Business Ventures Ltd, said the additional investment is subject to NowFloats achieving certain milestones and is likely to be completed by December 2020, a news agency reported.

Nowfloats was founded in 2012 by Jasminder Singh Gulati, Neeraj Sabharwal, Nitin Jain and Ronak Kumar Samantray. It helps small and medium enterprises (SMEs) set up an online presence. Its other services include a local content discovery platform, an online business management suite, and website promotion and marketing solutions.

The company counts Iron Pillar, IIFL and Omidyar Network among its investors. Malaysian consulting firm Wenlyn Global Group has also invested in NowFloats. Its most recent funding round was earlier this year when it raised ₹25 crore from existing and new investors. In 2017, the company had raised ₹73 crore in a Series B round.

Fibre2Fashion News Desk (DS)


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