Reliance Retail Ventures Ltd, the retail arm of Reliance NSE -1.19 percent Industries, has acquired a 54 percent share in robotics firm Addverb Technologies
for $132 million.
"This agreement will allow us to deploy robots at scale in omnichannel distribution centres across many segments. We intend to deploy our robots in hospitals and airports "According to Sangeet Kumar, CEO and Co-Founder of Addverb.
Addverb’s valuation is now in the range of $265 to $270 million, reports suggest.
Addverb has said that this investment will accelerate the company’s expansion in Europe and US and will enable it to set up the biggest robotic manufacturing facility at a single location. The company plans to start an innovation lab with bases in Europe, US and India.