Reliance Acquires NowFloats for Rs 142 crore: All you need to know

Reliance Industries has acquired a majority stake in a Hyderabad-based startup - NowFloats. As per a regulatory filing with BSE and NSE, Reliance Industries disclosed that it had bought 85% stake in NowFloats for about Rs 141.67 crore.

Here is all that you need to know about Reliance Industries' latest acquisition:

 NowFloats is a seven-and-a-half-year-old Hyderabad based company.

 It lets individuals and businesses to build an online presence.

 NowFloats helps in building websites, publish digital catalogues and engaging with customers on WhatsApp.

 The company backers include ventures of Vinod Khosla's Khosla Impact, Narayana Murthy's Catamaran Ventures and Twitter co-founder Biz Stone.

 The startup company claims to have helped more than 3 lakh retail partners.

 The Mukesh Ambani-led company has said that it plans to invest about Rs 75 crore of more capital in NowFloats by 2020.

 Reliance Industries has said that its latest investment will "further enable the group's digital and new commerce initiatives."

 In 2019 this is the third 'major' acquisition by Reliance Industries.

 The other significant acquisitions were Fynd ($42.3 million) in August and Haptik ($100 million) in April.