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December 29, 2021

Reliance retail unit to acquire stake in robotic firm Addverb Technologies

The deal with Reliance will value Addverb Technologies at $212.7m - $222.1m.

Indian company Reliance Industries ’ retail unit Reliance Retail Ventures Ltd (RRVL) is reportedly planning to invest in warehouse robotics company Addverb Technologies.

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RRVL will acquire a minority stake in Addverb Technologies in a deal valued at approximately $40.1m (Rs3bn), Mint reported citing two people familiar with the development.

Founded in 2016, Addverb Technologies uses robotics and automation to enhance space utilisation in warehouses and factories.

The company serves various industries including e-commerce, retail, grocery, fashion, among others.

Addverb Technologies and RRVL did not respond when requested for comments.

If materialised, the deal will value Addverb Technologies at $212.7m – $222.1m (Rs15.9bn – Rs16.6bn), the two people added.

It comes after Moneycontrol reported in June that the company held talks with institutional investors to raise $80-120m.

Addverb Technologies, which counts Flipkart, Amazon, ITC and Coca-Cola as its customers, reported $14.7m (Rs1.1bn) in net sales in the year ended March 2020.

The news for investment comes a year after RRVL secured nearly $6.4bn in funding from various investors including Silver Lake Partners, KKR, Saudi Arabia’s Public Investment Fund and others.

During last month, Reliance acquired retail lingerie units under the ‘Amante’ brand from Sri Lanka-based MAS Holdings’ division MAS Brands, for an undisclosed amount.

In October this year, the company, through its retail unit, bought a 52% interest in Ritu Kumar, India’s fashion house.

In the same month, it also acquired certain stake in the desi couture label of Manish Malhotra.

This month, Addverb Technologies launched its multi-carton picking mobile robot ‘Veloce’ at the India Warehousing Show (IWS).

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Walmart: Going Beyond Company Disclosures

Walmart has rounded out its fiscal year with a strong set of numbers that show it has taken supply chain disruption, rising costs, heavy inflation, and various other problems in its stride. There is comfortable growth on both the top and bottom lines, which is extremely respectable given tough prior year comparatives. Walmart hiring is slowing down as compared to hiring in the months of April and March in 2022. Walmart posted close to 40,000 vacancies in March and 30,000 in April, which has gone below 10,000 in June 2022. Walmart Company Filings has most of the mentions related to the ESG and COVID-19 themes in 2021. ESG has more than 300 mentions in the company’s 2021 filings which indicates the rising focus on ESG-related issues. Our report on Walmart: Going Beyond Company Disclosures, demonstrates GlobalData Explorer’s ability to:  
  • Track and monitor a company’s movements through alternative indicators to gain insights into the strategy before it is disclosed by the company
  • Gain insight into a company’s capital deployment strategy, by assessing historical deal volumes and specific transactions executed by the company, in addition to identifying sectors of focus
  • Go beyond basic financial information, to access key industry-relevant indicators for a company and how these have progressed over time
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.