Reliance acquires 85% of SaaS-based company, NowFloats Technologies

Reliance through its subsidiary, Reliance Strategic Business Ventures Limited, acquired 85% equity share capital of NowFloats in cash.

The total cash transaction stood at INR 141 crores (to be exact,  INR 141,63,78,822 - Indian Rupees one hundred forty-one crore sixty-three lakh seventy-eight thousand eight hundred twenty-two only).

The announcement was made at India's BSE (Bombay Stock Exchange) fillings by the company.

Founded in 2012, Hyderabad based NowFloats offers SaaS solutions to Small and Medium Businesses (SME) to get a digital presence by simply using SMS along with other digital offerings like Boost.

NowFloats has raised a total of $17.4M in funding over 7 funding rounds. Their latest funding was raised on Mar 8, 2019, from a Debt Financing round, according to CrunchBase. Previously, in July 2016, NowFloats acquired secure messaging firm Lookup.

Reliance also plans to infuse another INR 75 cores if NowFloats meet certain milestones till December 2020. This will bring Reliance's total investment in NowFloats to 89.66%, according to the announcement.

The announcement also noted that it does not need any regulatory approvals from the authorities as the deal does not relate to related party transactions and promoters do not have any interests in the transaction.