Reliance Industries buys 85% stake in NowFloats Technologies for $20m

Photo: Reuters

Reliance Strategic Business Ventures Limited (RSBVL), a wholly-owned subsidiary of Mukesh Ambani-led Reliance Industries Limited (RIL), Thursday announced that it has acquired 85 per cent stake in NowFloats Technologies Pvt. Ltd. for about $20 million (Rs 141.63 crore).

RSBVL proposes to make a further investment of up to Rs 75 crore by December 2020, subject to NowFloats achieving certain milestones. Post the additional investment, its shareholding in Nowfloats will increase to 89.66 per cent, RIL said in a regulatory filing.

The investment will further enable the group’s digital and new commerce initiatives, the filing added.

Incorporated in 2012, Hyderabad-based NowFloats offers SaaS solutions to small and medium enterprises that enable them to get a digital presence. It also offers solutions, including local content discovery platform, online business management suite, website promotion/marketing solutions, among others, to SMEs.

The early-stage company, which counts Iron Pillar, IIFL and Omidyar Network among its investors, reported revenue of Rs 32.56 crore for 2018-19, up from Rs 18.73 crore the year before. Its net loss stood at Rs 43.24 crore for 2018-19, compared with Rs 47.49 crore in 2017-18.

In March, NowFloats reportedly raised about $3.6 million from a mix of new and existing investors including venture capital firms Iron Pillar, IIFL and Omidyar Network along with a new Malaysian investor, consulting firm Wenlyn Global Group.

Prior to this, NowFloats had raised Rs 14.36 crore in a bridge round of funding last year from Omidyar, Iron Pillar and IIFL, while in 2017, it secured $10 million in a Series B round.

 

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.