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Reliance Retail invests USD 7 million in KaiOS Technologies Inc.

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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.

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

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