Reliance Industries Limited (RIL) on Thursday acquired a Hyderabad-headquartered Software as a service (SaaS) start-up named NowFloats Technologies for a cash consideration of Rs 141.63 crore.
"Reliance Strategic Business Ventures Limited ('RSBVL'), a wholly-owned subsidiary of Reliance Industries Limited has acquired equity shares of NowFloats Technologies Pvt. Ltd. ('Nowfloats') for a cash consideration of Rs 141,63,78,822. The said investment represents 85 per cent holding in the equity share capital of Nowfloats," the company said in a BSE filing.
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 per cent of the equity share capital of Nowfloats.
"The investment will further enable the group's digital and new commerce initiatives," the filing added.
Founded in May 2012, NowFloats, as a SaaS company, enables digital presence for small and medium businesses (SMBs) and enterprises.
The firm reportedly offers local content discovery platforms, online business management suite, website promotion, and marketing solutions.