Reliance Retail has acquired a 54% stake in the domestic robotics company Addverb. The deal was signed with an amount of USD 132 Million (about Rs 983 crores), an official statement highlighted.
Sangeeta Kumar, CEO and Co-founder, Addverb Technologies told PTI about this acquisition “We will continue to operate independently and will use these funds to expand the business overseas and set up the biggest robotics manufacturing facilities in Noida.”
The company already has a manufacturing plant in Noida where it produces around 10,000 robots per annum.
Sangeeta Kumar further commented on this, and said “With this investment, Reliance will hold around 54 per cent stake in Addverb. They become the largest shareholder in the company. Reliance was already one of our esteemed clients, with whom we had co-created and delivered highly automated warehouses for their Jio-Mart grocery business. The comfort level and the trust factor were already in place, which led to this association.”
The statement also added that the company’s strategic partnership with Reliance Retail will help the company to leverage 5G, battery technology through new energy initiatives, advances in material sciences (carbon fibre) to deliver more advanced and affordable robots.
Addverb founded in 2016 expects to close the current financial year with 100 per cent growth in revenue at Rs 400 crore compared to Rs 200 crore it posted a year ago.They have four subsidiaries located in Singapore, the Netherland, the US and Australia.
