Reliance Retail had acquired about 55 per cent stake in robotics firm Addverb Technologies in July 2021, Indian conglomerate Reliance Industries Limited said in a filing on Wednesday.
Addverb Technologies co-founder and CEO Sangeet Kumar has told PTI that Reliance Retail has invested USD 132 million (about Rs 983 crore) in the company and will hold around 54 per cent stake in the robotics start-up.
“Reliance Retail Ventures Limited (RRVL) had acquired approximately 55 per cent stake in Addverb Technologies Private Limited (Addverb) in July 2021,” RIL said in the filing.
Kumar had said Reliance was already one of Addverb’s clients, with whom the company 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 the association between the two firms, he said.
The strategic partnership with Reliance Retail will help Addverb Technologies leverage 5G, battery technology through new energy initiatives, advances in material sciences (carbon fibre) to deliver more advanced and affordable robots.
RIL said that Reliance Retail is an unlisted subsidiary of the company and had made the aforesaid investment in Addverb out of its funds. Business Standard