RIL arm acquires 85 per cent stake in NowFloats Technologies for Rs 142 lakh

A wholly owned subsidiary of the Mukesh Ambani-controlled Reliance Industries Ltd (RIL), Reliance Strategic Business Ventures Ltd (RSBVL), has acquired an 85 per cent stake in NowFloats Technologies for Rs 141.63 lakh (US$ 0.20 million) in cash.

In order to achieve a certain milestone, RSBVL proposes to make a further investment of up to Rs 75 crore (US$ 10.73 million) in NowFloats. This additional investment is likely to be finished by December 2020, as per the regulatory filing of RIL.

The shareholding of RIL in RSBVL will increase to 89.66 per cent post the additional investment. This will further support the group's digital and new commerce initiatives, it added.

Nowfloats offers SaaS solutions, which is 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 (US$ 4.66 million) and a net loss of Rs 43.24 crore (US$ 6.19 million) in the financial year ended March 2019.