The retail unit of Industries, Reliance Retail Ventures Ltd, has picked up a 54% stake in robotics startup Addverb Technologies for $132 million.
“This deal will provide us an opportunity to deploy robots at scale in omnichannel distribution centres across different segments. We are planning to deploy our Robots across hospitals and airports,” Sangeet Kumar, CEO & Co-founder, Addverb said.
Addverb’s valuation is now in the range of $265 to $270 million, reports suggest.
Addverb has said that this investment will accelerate the company’s expansion in Europe and US and will enable it to set up the biggest robotic manufacturing facility at a single location. The company plans to start an innovation lab with bases in Europe, US and India.
Source: Economic Times