RSBVL acquired NowFloats to empower the group’s digital and commerce initiatives

Reliance Strategic Business Ventures Limited (RSBVL) is a subsidiary of Reliance Industries Limited (RIL). The company acquired a software development company, “NowFloats”. NowFloats Technologies Pvt. Ltd. provides an online platform for different local players. It empowers them to sell their products online. This will also increase the discovery of small & medium businesses (SMB). RSBVL has acquired around 85% stake of NowFloats till now for US$ 20 million. Under this deal, NowFloats will enable the RIL group’s digital and new commerce initiatives.

NowFloats Technologies Pvt. Ltd has funded by investors such as IIFL Wealth Management, Hyderabad Angels, and others. Last year, the company acquired LookUp, an Indian chat service that empowers its customers to connect with their native enterprise. The company was funded by Narayana Murthy’s Catamaran Ventures, a private fund of Vinod Khosla “Khosla Impact” as well as Global Founders Capital. This deal is expected to close by

RSBVL will seal the deal by December 2020 by acquiring more stakes. By which RSBVL will increase the stake to 89.66 % from 85% in NowFloats. RSBVL will not require any government or regulatory approvals for further investment. Recently, the startup company has generated around US$ 12 million in fairness financing. The company is also planning to help over 300,000 participating retail partners.

Apart from NowFloats, the company also acquired some other company to gain a high market share.

  • In August, the company acquired a majority share in Fynd, an online shopping application. Google-backed fynd for US$ 42.3 million.
  • In April, the company also make an investment of US$ 180 million in Emibibe. Under this agreement, the company will focus on R&D by incorporating artificial intelligence in the education sector.
  • In April, the company acquired a majority share in Haptik, India based enterprise Conversational Al platform for US$ 100 million.

Through these marketing strategies, RIL is planning to expand its global as well as technological footprint. These acquisitions will help the startup to generate funds to invest in their research and development activities to grow.