Reliance Retail has bought a 54% stake in AddVerb Tech for $ 132 million

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Sangeeth Kumar, co-founder, and CEO of Addverb Technologies told PTI that the company would continue to operate independently and use the funds from Reliance to expand its business abroad and set up its largest robotics manufacturing facility in Noida.

The company will continue to operate independently, and the funds received from Reliance will be used to expand its business abroad and to set up the largest robotics manufacturing facility in Noida.

Mukesh Ambani acquired Reliance Retail of 54 percent stake in local robotics company AddVerb for $ 132 million (about Rs 983 crore), a senior official at the robotics company said in a statement. Tuesday

The company already has a manufacturing plant in Noida, where it produces 10,000 robots a year. They will be the largest shareholder in the company in the coming year.

Reliance was already one of our esteemed clients, and we worked with them to build and supply high-automated warehouses for their Geo-Mart grocery business. The comfort level and the trust factor already existed, which led to this association,” Kumar said.

The strategic partnership with Reliance Retail will enable us to bring more innovative and affordable robots through 5G, battery technology, new energy ventures, and advances in the material sciences (carbon fiber).” We are a profitable company.

We will use the funds to expand overseas and expand construction facilities. “Right now, 80 percent of our income comes from India, but in the next 4-5 measures it is expected to bring this interest to 50-50 percent per year between India and foreign trade.

It contributes which is 15 percent of our total revenue to programs. and is expected to grow significantly,” Kumar said.

AddVerb, which was founded in 2016, expects this financial year to end at Rs 400 crore with a 100 percent growth in revenue compared to the Rs 200 crore posted a year ago.

“Coming 5-6 years, we want to become a billion-dollar company. We do everything in India – we design, manufacture, and distribute worldwide,” Kumar said. AddVerb has four branches in Singapore, the Netherlands, the US, and Australia. Manufacturing will take place in India and our overseas presence will help in the development of the robots,” said Kumar.

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