Reliance Retail buys 54% stake in robotics firm Addverb Technologies for Rs 983 crore

Mukesh Ambani-led Reliance Retail has acquired a 54 percent stake in domestic robotics company Addverb for $132 million (about Rs 983 crore), a senior official of the robotic firm said Tuesday.

Addverb Technologies co-founder and CEO Sangeet Kumar told PTI that the company will continue to operate independently and will use the funds received from Reliance to expand business overseas as well as set up one of the biggest robotic manufacturing facilities in Noida.

The company already has a manufacturing plant in Noida where it produces around 10,000 robots per annum.

The strategic partnership with Reliance Retail will help us leverage 5G, battery technology through new energy initiatives, advances in material sciences (carbon fibre) to deliver more advanced and affordable robots, he added.

Founded in 2016, Addverb expects to close the current financial year with 100 percent growth in revenue at Rs 400 crore compared to Rs 200 crore it posted a year ago.

Addverb has four subsidiaries located in Singapore, the Netherland, the US and Australia.