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Reliance Acquires 54% Stake In Addverb Technologies For $132 Million

Published by :FORBES Middle East

18th Jan 2022

Reliance invests 132 M USD in Addverb

Our strategic partnership with Reliance, led by an investment of 132 million USD in our Series B round, will help us deliver more advanced and affordable robots. This association brings an opportunity to deploy our robots at scale in omni-channel distribution centers across different segments like e-commerce, retail, grocery, fashion, pharma, digital and petrochemical.

Sangeet Kumar, our co-founder and CEO, said that Addverb will continue to operate independently and will use the funds received from Reliance to expand business overseas as well as set up one of the biggest robotic manufacturing facilities in Noida, and is now valued at $270 million. 

The two companies also plan to collaborate on building 5G robotics and battery systems and harnessing carbon fiber to build affordable, advanced robots.

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