This comes in the backdrop of its recent expansion in markets of Singapore, Europe, and Australia
Robotics firm Addverb Technologies is likely to receive an investment of around Rs 300 crore from Mukesh Amani-led Reliance Industries for a minority stake in the company.
People familiar with the matter have informed that the investment would be from the conglomerate’s retail unit Reliance Retail Ventures. If the deal goes through, it will value Addverb Technologies at Rs 1,590-1,660 crore.
This comes in the backdrop of its recent expansion in the markets of Singapore, Europe, and Australia. The move is inspired by a surge in demand for automation and robotics solutions in these markets. The company also plans to set up micro-factories in areas where the demand for its solutions will arise.
Addverb Technologies was founded in 2016 by former Asian Paints executives Satish Shukla, Sangeet Kumar, Prateek Jain, Bir Singh, Amit Kumar and Neeraj Sharma. It has raised more than $10 million from Jalaj Ashwin Dani, co-promoter of Asian Paints, in two tranches in 2017 and 2019, according to VCCEdge, the data intelligence platform of VCCircle.
Earlier this year, Addverb also told media officials that it is looking to expand its robot manufacturing unit in India to boost its output by around 10 times in the next financial year.
According to the company, the global robotics market was valued at USD 27.73 billion in 2020 and is expected to reach USD 74.1 billion by 2026.
