Reliance Acquires NowFloats for Rs 142 crore: All you need to know
Reliance Industries has acquired a majority stake in a Hyderabad-based startup - NowFloats.
Reliance Industries has acquired a majority stake in a Hyderabad-based startup - NowFloats. As per a regulatory filing with BSE and NSE, Reliance Industries disclosed that it had bought 85% stake in NowFloats for about Rs 141.67 crore.
Here is all that you need to know about Reliance Industries' latest acquisition:
NowFloats is a seven-and-a-half-year-old Hyderabad based company.
It lets individuals and businesses to build an online presence.
NowFloats helps in building websites, publish digital catalogues and engaging with customers on WhatsApp.
The company backers include ventures of Vinod Khosla's Khosla Impact, Narayana Murthy's Catamaran Ventures and Twitter co-founder Biz Stone.
The startup company claims to have helped more than 3 lakh retail partners.
The Mukesh Ambani-led company has said that it plans to invest about Rs 75 crore of more capital in NowFloats by 2020.
Reliance Industries has said that its latest investment will "further enable the group's digital and new commerce initiatives."
In 2019 this is the third 'major' acquisition by Reliance Industries.
The other significant acquisitions were Fynd ($42.3 million) in August and Haptik ($100 million) in April.