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Reliance Acquire 85% Stakes of NowFloats

13Dec By PriyankaNo Comments

ACQUISITION

Reliance Acquire 85% Stakes of NowFloats

Reliance Industry said its subsidiary has picked up 85 per cent stake in NowFloats Technologies for a cash consideration of Rs 141.63 crore. The stake purchase is aimed at strengthening the group's digital and new commerce initiatives. "Reliance Strategic Business Ventures Ltd (RSBVL), a wholly-owned subsidiary of RIL, has acquired equity shares of NowFloats Technologies for a cash consideration of Rs 141,63,78,822. The said investment represents 85 per cent holding in the equity share capital of NowFloats," RIL said in a BSE filing. RSBVL proposes to make a further investment of up to Rs 75 crore, subject to achieving agreed milestones, and is expected to be completed by December 2020, it added. Post the additional investment, the shareholding of RSBVL in NowFloats will incre...

Nowfloats Raises 14 Crore Additional Funding From Existing Investors

Hyderabad based Nowfloats which helps small businesses to build an online presence has raised ?14.36 Cr funding. The funding round appears to be a bridge round from existing investors, Omidyar Network, Iron Pillar Capital & others. As per the regulatory filing, Nowfloats had also secured 10 crore loan from Blacksoil Capital and its received the first part of the amount, which is 5 crores. The funding will use to run the current operation. The funding is based on debt funding, where Nowfloats Technologies Private Limited allotted 14,35,594 debentures at ?100/- each on March 7, 2018. Founded by Neeraj Sabharwal, Nitin Jain, Ronak Samantray, and Jasminder Gulati, NowFloats has so far raised ?83.8 Cr from investors including Omidyar Network, IIFL, Faktory Ventures, Blume Ven...

Local Business Dicovery Platform Nowfloats Acquired Lookup

It's wedding between search and chat. NowFloats a business discovery services platform has acquired Lookup a chat service that connects consumers to local business. The amount of the deal is undisclosed. The marriage is analogous to, perhaps, a Facebook and WhatsApp coming together to create a compelling platform for consumers and businesses said Jasminder Singh Gulati, Co-Founder/CEO of NowFloats. The another significant reason for NowFloats to acquire Lookup was based on the findings of the NowFloats Digital Desh Drive which attempts to uncover ‘Inside the Internet of India” and thus the evolving consumer and business behaviors, he added. Over the past year, NowFloats has conducted three research sprints across India (that includes driving across the country & meeting people), a...