Reliance Strategic Business Ventures Limited (“RSBVL”), a wholly-owned subsidiary of Reliance Industries Limited (“RIL” or the “Company”) has acquired equity shares of NowFloats Technologies Pvt. Ltd. (“Nowfloats”) for a cash consideration of Rs 141,63,78,822 (Indian Rupees one hundred forty one crore sixty three lakh seventy eight thousand eight hundred twenty two only). The said investment represents 85% holding in the equity share capital of Nowfloats.
RSBVL proposes to make a further investment of up to Rs 75 crore (Indian Rupees seventy five crore only), subject to achieving agreed milestones. The further investment is expected to be completed by December 2020. Post the further investment, the shareholding of RSBVL will increase to 89.66% of the equity share capital of Nowfloats.
Nowfloats, incorporated in India on May 9, 2012, offers SaaS solutions to Small and Medium Enterprises (SMEs) that enable them to get a digital presence. Other solutions include local content discovery platform, online business management suite, website promotion / marketing solutions, and various other offerings for SMEs. It has operations in India.
Nowfloats is an early stage company, with turnover of Rs 32.56 crore, Rs 18.73 crore and Rs 10.38 crore, and Net Profit (Loss) of Rs (43.24) crores, Rs (47.49) crores and Rs (31.43) crores in FY 2019, FY 2018 and FY 2017 respectively.
The aforesaid investment will further enable the group’s digital and new commerce initiatives.
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.