Reliance Industries has acquired SaaS-based startup NowFloats Technologies for $20 million (approx INR 141.63 crore), cited Inc42.
Post acquisition, the Reliance Industries will hold 85 per cent equity in Hyderabad-based startup NowFloats.
Whereas, Reliance has also proposed to further invest up to INR 75 crore, after the company achieves agreed milestones, which is to be take place by the end of next year.
NowFloats was founded by Neeraj Sabharwal, Nitin Jain, Ronak Samantray, and Jasminder Gulati in 2012. The company NowFloats enables digital presence for SMBs and enterprises. The platform also offers local content discovery platforms, online business management suite, website promotion, marketing solutions, among others.
Besides NowFloats, other startups under the list of investments for the Reliance Industries include VR-driven platform Tesseract, e-commerce platform Fynd, chatbot maker Haptik Infotech and many more.
Some of the significant Saas-based platforms include Freshworks, Agile CRM, CapillaryTechnologies, BuildaBazaar, Chargebee, Hotellogix, etc.