Bengaluru: Reliance Retail has taken 54% of the shares in the Robotics of the AddVerb Technologies company for $ 132 million, with the first to become the largest shareholder.
The previous addverb has raised $ 11 million in a round led by Jalaj Dani, co-promoter of cat Asia.
Founded by Sangeet Kumar, Prateek Jain, Bir Singh, Satish Kumar Shukla and Amit Kumar in 2016, AddVerb-based Noida Calculates Flipkart, Hul, Cat Asia, Coca-Cola, Pepsi, ITC, and Marico among its customers.
It has mobilized robots for more than 100 customers.
Funding values companies with $ 270 million.
The founders continue to accommodate around 25% of the shares in the company.
Kumar said with a share agreement after the transaction, Reliance will accommodate 55.7% in the company.
“We will deploy funds to establish a second manufacturing facility in the Delhi-NCR area.
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 Business.
We also Will work with our other clients such as Unilever, Pepsi and Coca-Cola, “he said.
AddVerb has subsidiaries in Singapore, the Netherlands and Australia, and products in four verticals.
Reliance Retail acquires 54% at the Robot Co Addverb for $ 132 million
