Reliance obtains a majority stake in a robotics startup
India’s biggest retailer Reliance Industries is buying a majority stake of an Indian robotics startup for $132 million.
Addverb Technologies is the global robotics company, uses robots to make e-commerce warehouses and energy production more efficient, CEO of the start-up, Sangeet Kumar said.
The deal makes Reliance Industries as the biggest shareholder in the company. The India's richest man and Reliance’s CEO Mukesh Ambani plans to invest in technology to upscale automation across his business empire.
The Noida based startup Addverb Technologies uses robots to make e-commerce warehouses and energy production more efficient. The five-year-old startup designs and makes software and installs robotic systems and makes it one of the few companies in the world to work in every aspect of robotics, from hardware and software to deployment.
Addverb has already developed highly automated warehouses for other big companies like Flipkart, HUL, Asian Paints, Coca-Cola, Pepsi, ITC, and Marico.