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Reliance Strategic Business Ventures Ltd (RSBVL), a wholly-owned subsidiary of the Mukesh Ambani-controlled Reliance Industries Ltd (RIL), has acquired an 85 per cent stake in NowFloats Technologies for Rs 141.63 lakh in cash.
RSBVL proposes to make an additional investment of up to Rs 75 crore in NowFloats, subject to achieving certain milestones. The additional investment is expected to be completed by December 2020, RIL said in a regulatory filing.
Post the additional investment, RIL’s shareholding in RSBVL will rise to 89.66 per cent. The investment will further enable the group’s digital and new commerce initiatives, it added.
Nowfloats provides SaaS solutions, an online business management suite, website promotion and marketing solutions, among others, to Small and Medium Enterprises (SMEs).
Nowfloats had posted a turnover of Rs 32.56 crore and a net loss of Rs 43.24 crore in the financial year ended March 2019.
RIL shares closed up 0.31 per cent at Rs 1,567.50 on a steady BSE, which ended up 0.42 per cent on Thursday.
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