Reliance Retail Ventures Ltd, the retail arm of Reliance Industries, has acquired a 54 percent stake in robotics company Addverb Technologies for $132 million, according to a senior company official. This round of funding, a mix of primary and secondary capital, will help the company expand in Europe and the United States, as well as establish a large robotic manufacturing facility.
With this strategic partnership, the six-year-old company has raised a total of $143 million to date. Addverb previously received $11 million in funding led by Jalaj Dani, co-promoter of Asian Paints.
“The company is valued at $270 million post this transaction,” Sangeet Kumar, cofounder and CEO, Addverb Technologies told ET. The cofounders together hold around 24-25% stake in the company after this deal. The remaining stake is held by the early backers including Dani of Asian Paints.
“Addverb also plans to start an innovation lab with bases in Europe, US and India to come up with solutions for complex problems in the field of Human-Robotic collaboration,” said Kumar.
Currently, the company expects to end the fiscal year with revenues of more than Rs 410-415 crore, which it expects to increase to Rs 2,000 crore over the next 24 months. Kumar went on to say that he expects revenue to reach Rs 7,500 crore in the next five years.
The company would be able to produce 50,000 robots per year with the new manufacturing facility, which would open in fiscal year 2022-23.
Addverb Technologies, founded in June 2016 by Kumar, Prateek Jain, Bir Singh, Satish Kumar Shukla, and Amit Kumar, offers warehouse and factory automation products powered by robotics, AI, machine learning, deep learning, computer vision, and IoT.
Its clients include Reliance, Flipkart, HUL, Asian Paints, and Coco-Cola, among others.
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