The shares of conglomerate company Reliance Industries Limited surged by 0.14% as the company acquires a stake in the robotics company Addverb Technologies. The share price hit at Rs. 2525.25 per equity share and with a surge of 0.14%. Today’s trade opened at Rs 2530.00 per share and hit a high of Rs 2542.00 per unit.
Reliance Industries Limited has invested US $132 million (approx. Rs 984 crore) in the Noida-based robotics company Addverb Technologies. RIL has bought a nearly 54% stake in Addverb. Thus, becoming a strategic partner of the company.
Addverb Technologies is a robotics company co-founded by Sangeet Kumar. The company has developed highly automated warehouses for RIL, Flipkart, HUL, Asian Paints, Coca-Cola, Pepsi, ITC, and Marico.
The funding provided to the company will benefit it in expanding its business in Europe and the US, enabling it to set up large robotics manufacturing facility.
The facility will be completely automated and will propel India as a world leader in the robotic sector, said the start-up.
“Reliance was already a client. We had co-created and delivered highly automated warehouses for their Jio-Mart grocery business. This strategic partnership will help us leverage 5G, battery tech through new energy initiatives, advances in material sciences (carbon fibre) to deliver more advanced and affordable robots,” said Sangeet Kumar, CEO and co-founder, Addverb Technologies.
“With this round of funding, we are planning to deploy our robots across hospitals and airports,” he added.
Addverb Technologies was founded in 2016 by Sangeet Kumar, Prateek Jain, Bir Singh, Satish Kumar Shukla and Amit Kumar. Today, Addverb has 100 per cent subsidiaries in Singapore, Netherlands and Australia. It provides products across four verticals — robotics, automated storage and retrieval systems, picking, and software. The company was valued at about $285 million during its funding round last year in March, according to data platform Tracxn.
Reliance Industries Limited reported annual total revenue of Rs 4,83,251.00 crores for 2021 as compared to Rs 6,10,699.00 crores in the previous year.