Reliance Industries (RIL), the conglomerate controlled by Indian billionaire Mukesh Ambani and his family, has acquired a majority stake in NowFloats Technologies Pvt Ltd, a software-as-a-service (SaaS) provider.
According to a news report by Fibre2Fashion.com, RIL’s latest acquisition is in line with its efforts to enhance its digital and offline-to-online initiatives. RIL said in a stock exchange filing that it bought an 85% stake for approximately $20 million and will invest an additional $10 million to raise its holding to 89.66%.
RIL, which made the acquisition through its subsidiary, Reliance Strategic Business Ventures Ltd, said the additional cash injection is contingent on NowFloats achieving certain targets. The transaction is likely to be completed by December 2020.
NowFloats Technologies, which was founded in 2012 by Jasminder Singh Gulati, Neeraj Sabharwal, Nitin Jain and Ronak Kumar Samantray, is an India-based technology company in the SaaS space. The company builds cloud-first products that let businesses provide better digital experiences to their customers. It helps small and medium enterprises (SMEs) set up an online presence. Its other services include a local content discovery platform, an online business management suite, and website promotion and marketing solutions. Currently, the company has more than 200,000 customers using their products
Reliance Industries Limited (RIL), which is controlled by Mukesh Ambani and his family, is an Indian multinational conglomerate company headquartered in Mumbai, Maharashtra. Reliance Industries limited owns businesses across India engaged in energy, petrochemicals, textiles, natural resources, retail, and telecommunications. It is one of the most profitable companies in India, the largest publicly traded company in India by market capitalization, and the largest company in India as measured by revenue after recently surpassing the government-controlled Indian Oil Corporation.
Mukesh Ambani, arguably one of India’s most revered businessmen, is also its wealthiest man with a fortune the Bloomberg Billionaires Index estimates at $62.2 billion.