Bureau

Reliance Industries’ subsidiary Reliance Retail is likely to pick up a minority stake in Noida-based warehouse-focussed robotics startup Addverb Technologies with an investment of around INR 300 Cr.

A report by VCCircle, citing people in the know, said that the deal would value the robotics startup in the range of INR 1,590 Cr – INR 1,660 Cr. Reliance Industries has not responded to media queries, so far.

If the deal passes through, it would be yet another major investment in a tech-based company by Mukesh Ambani-led Reliance Industries in recent times. The acquisition is well aligned with its objective of widening the ambit of offerings and consolidating its position.

Addverb was founded in 2016 by Amit Kumar, Ashu Kansal, Bir Singh, Neeraj Sharma, Prateek Jain and Sangeet Kumar.

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