Reliance Retail Venture Ltd., the retail unit of Reliance Industries Ltd., has now acquired 54% stakes in Robotic Company, Addverb Technologies for ₹ 983 Cr. ($ 132 million approximately). Before this, Reliance has picked 25.5% stacks worth in Dunzo for $240 million.
With this, the company is expecting business extension in Europe and US and looking forward to setting up a large robotic manufacturing unit. Also, Addverb Technologies had previously raised $11 in funding led by Jalaj Dhani, Co-promotor of Asian Paints.
Co-founder and CEO Sangeet Kumar of Addverb Technologies said, ━ “The company was valued at $270 million before this deal. The Co-founders together hold 24-25% stack in the company. The remaining stack is held by early investors, including Jalaj Dhani of Asian Paints.
“Addverb also plans to start an innovation lab with Europe, US, and India to provide solutions for complex problems in the field of Human-Robotic collaboration,” he said.
Currently, the company is expecting to close the financial year with a great revenue of Rs 415-420 crore and expects it to grow over Rs.2000 crore in the next twenty-four months and Rs. 7,500 crore in the next five years.
In the FY2022-23, the company can produce 50,000 robots in a year if there are sufficient manufacturing facilities.
Addverb Technologies, a six-year-old startup by five members including Sangeet Kumar, Prateek Jain, Bir Singh, Satish Kumar Shukla, Amit Kumar, together provides warehouse and factory automation products powered by robotics, Ai, Machine learning, deep learning, computer vision, and IoT.
Addverb manufactures its own robots and develops the software for these. Also, it enables easy customization and integration with the existing infrastructure and software system of its clients.
Also Read: Top 5 Robotic Companies in the USA
Despite being new, the company has a strong clientele such as Reliance, Flipkart, Asian Paints, HUL, Coca Cola to name a few. This is a Noida-based company and runs 100% subsidiaries in Singapore, Netherland, and Australia. Let’s see how long this tie-up lasts.