Advertisement

Reliance Retail acquires 54% stake in robotics startup Addverb Technologies for $132 mn

Agencies | Updated on: Tuesday, January 18, 2022, 02:36 PM IST

The strategic partnership with Reliance Retail will help leverage 5G, battery technology through new energy initiatives. |
The strategic partnership with Reliance Retail will help leverage 5G, battery technology through new energy initiatives. |
Advertisement

Reliance Retail has acquired a 54 per cent stake in domestic robotics company Addverb for US$132 million (about Rs. 983 crore), according to reports.

The company will continue to operate independently and will use the funds received from Reliance to expand business overseas, stated Addverb Technologies co-founder and CEO Sangeet Kumar.

The strategic partnership with Reliance Retail will help leverage 5G, battery technology through new energy initiatives, advances in material sciences (carbon fibre).

'We are a profitable company. We will use the funds for overseas expansion and expanding manufacturing facilities," added Kumar.

(With inputs from PTI)

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Published on: Tuesday, January 18, 2022, 02:36 PM IST