Reliance Industries’ Subsidiary Picks Up Majority Stake In SaaS Startup NowFloats
A subsidiary of Reliance Industries Ltd. has picked up 85 percent stake in SaaS startup NowFloats Technologies to boost the group’s digital and new commerce initiatives.
"Reliance Strategic Business Ventures Ltd., a wholly-owned subsidiary of RIL, has acquired equity shares of NowFloats Technologies for a cash consideration of Rs 141,63,78,822," according to an exchange filing Thursday.
The company proposes to make a further investment of up to Rs 75 crore, subject to achieving agreed milestones, and is expected to be completed by December 2020, it added. Post the additional investment, the shareholding of Reliance Strategic Business Ventures in NowFloats will increase to 89.66 percent.
Set up in May 2012, NowFloats offers software-as-a-service solutions to small and medium enterprises that enable them to get a digital presence. Its solutions include local content discovery platform, online business management suite, website promotion and marketing solutions.
An early-stage company, NowFloats had a turnover of Rs 32.56 crore in 2018-19.