By T. Moharana
Biznextindia: Reliance Strategic Business Ventures Limited (RSBVL), a wholly-owned subsidiary of Mukesh Ambani controlled Reliance Industries Ltd(RIL) has acquired 85% stake in Hyderabad based Tech Start-up Nowfloats for a cash consideration of INR 141.6 Crore.
RSBVL proposes to make a further investment of up to INR 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 this investment, the shareholding of RSBVL will increase to 89.66% of the equity share capital of Nowfloats.
Incorporated in India on May 9, 2012, Nowfloats is an early stage company, with turnover of INR 32.56 Crore and Net loss of 43 Crore in FY 2018-19. The company 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.