Through subsidiary - Reliance Strategic Business VenturesReliance 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.
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