You are here: Home » News-CM » Companies » News
Business Standard

Reliance Retail invests USD 7 million in KaiOS Technologies Inc.

Topics
Business Finance

Capital Market 

Reliance Retail, subsidiary of Reliance Retail Ventures (which in turn is the subsidiary of Reliance Industries) has subscribed to 19,04,781 common shares of KaiOS Technologies Inc (KTI) at USD 3.675 per share, for cash aggregating to USD 7 million, translating to 16% equity stake of KTI on a fully diluted basis.

RRL is into retail business and operates a chain of neighbourhood stores, supermarkets, wholesale cash & carry stores and specialty stores. In the consumer electronics category, RRL also operates Reliance Digital, Reliance Digital Express Mini and Jio stores that cater to digital needs of diverse consumer base. RRL also distributes the hugely popular JioPhone, a smart feature phone powered by KaiOS.

KTI is an emerging mobile operating system technology provider incorporated in the State of Delaware, U. S.

A on 24 April, 2014. KTI's flagship product KaiOS originates from the Firefox open-source project. KaiOS combines the powerful capabilities of a smartphone with the affordability of a basic handset. KaiOS's web-based operating system enables a new category of digital devices (Mobile and other IoT devices) that require limited memory and are capable of offering a rich user experience.

KTI is an early stage revenue company, with turnover of USD 9.25 million and USD 2.5 million in CY 2017 and CY 2016 respectively.

The aforesaid investment has potential synergies with RRL's current investments in affordable digital devices business and also with the digital services initiatives of RIL and its subsidiaries.

All statutory / regulatory approvals have been obtained for this investment. The investment does not fall within related party transactions and none of RIL's promoter / promoter group / group companies have any interest in KTI.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Sat, March 10 2018. 14:31 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU