PE Fund Investments
Reliance Retail buys 54% stake in robot-maker Addverb Tech for $132-M
Reliance Retail has acquired a 54% stake in Noida-headquartered robotics company Addverb for USD 132 million (about INR 983 crore). Addverb will continue to operate independently and expand its business overseas as well as set up a large robotic manufacturing facility in Noida. The company has a manufacturing plant in Noida where it produces around 10,000 robots per annum. Founded in 2016, Addverb expects to close the current financial year with INR 400 crore in revenues (compared to INR 200 crore a year ago). Addverb has four subsidiaries located in Singapore, the Netherland, the US and Australia. At present, 80% of Addverb's revenue comes from India but this mix is expected to change to 50-50 between India and overseas business in the next 4-5 years.
From the Venture Intelligence Angel Investments Database: In Oct-17 and Jun-19, Addverb raised funding from Atul Kumar and Smiti Holdings and Trading Company Pvt Ltd. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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