Through subsidiary - Reliance Strategic Business Ventures
Reliance Strategic Business Ventures (RSBVL), a wholly-owned subsidiary of Reliance Industries has acquired equity shares of NowFloats Technologies (Nowfloats) for a cash consideration of Rs 141.63 crore. The said investment represents 85% holding in the equity share capital of Nowfloats.RSBVL proposes to make a further investment of up to Rs 75 crore, subject to achieving agreed milestones. The further investment is expected to be completed by December 2020. Post the further investment, the shareholding of RSBVL will increase to 89.66% of the equity share capital of Nowfloats.
Nowfloats, incorporated in India on 09 May 2012, 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.
The aforesaid investment will further enable the group's digital and new commerce initiatives.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app