BENGALURU: Reliance Retail has picked up a 54% stake in robotics company Addverb Technologies for $132 million, with the former becoming the largest shareholder. Addverb had previously raised $11 million in a round led by Jalaj Dani, co-promoter of Asian Paints.
Founded by Sangeet Kumar, Prateek Jain, Bir Singh, Satish Kumar Shukla and Amit Kumar in 2016, the Noida-based Addverb counts Flipkart, HUL, Asian Paints, Coca-Cola, Pepsi, ITC and Marico among its customers. It has deployed robots for over 100 customers. The funding values the firm at $270 million. The founders continue to hold about 25% stake in the firm.
Kumar said with a stock deal after the transaction, Reliance will hold 55.7% in the firm. “We will deploy the funds to set up a second manufacturing facility in the Delhi-NCR region. We have 550 engineers and we plan to expand it to 2,000 engineers in 2-3 years. We will work with Reliance Retail, Ajio and its energy and petrochemical businesses. We will also work with our other clients like Unilever, Pepsi and Coca-Cola,” he said.
Addverb has subsidiaries in Singapore, Netherlands and Australia, and products across four verticals.
Founded by Sangeet Kumar, Prateek Jain, Bir Singh, Satish Kumar Shukla and Amit Kumar in 2016, the Noida-based Addverb counts Flipkart, HUL, Asian Paints, Coca-Cola, Pepsi, ITC and Marico among its customers. It has deployed robots for over 100 customers. The funding values the firm at $270 million. The founders continue to hold about 25% stake in the firm.
Kumar said with a stock deal after the transaction, Reliance will hold 55.7% in the firm. “We will deploy the funds to set up a second manufacturing facility in the Delhi-NCR region. We have 550 engineers and we plan to expand it to 2,000 engineers in 2-3 years. We will work with Reliance Retail, Ajio and its energy and petrochemical businesses. We will also work with our other clients like Unilever, Pepsi and Coca-Cola,” he said.
Addverb has subsidiaries in Singapore, Netherlands and Australia, and products across four verticals.
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