Published On: Sun, Dec 15th, 2019

Reliance Industries acquires a infancy interest in SaaS startup NowFloats for $20M

Reliance Industries, one of India’s largest industrial houses, has acquired a infancy interest in NowFloats, an Indian startup that helps businesses and people build online participation but any web building skills.

In a regulatory filing on Thursday, Reliance Strategic Business Ventures Limited said (PDF) it has acquired an 85% interest in NowFloats for 1.4 billion Indian rupees ($20 million).

Seven-and-a-half-year old, Hyderabad-headquartered NowFloats operates an eponymous height that allows people and businesses to simply build an online presence. Using NowFloats’ services, a mom and cocktail store, for instance, can build a website, tell their catalog, as good as rivet with their business on WhatsApp.

The startup, that has lifted about $12 million in equity financing before to today’s announcement, claims to have helped over 300,000 participating sell partners. NowFloats depends Blume Ventures, Omidyar Network, Iron Pillar, IIFL Wealth Management and Hyderabad Angels among a investors.

Last year, NowFloats acquired LookUp, an India-based discuss use that connects consumers to internal businesses; LookUp was corroborated by Vinod Khosla’s personal account Khosla Impact, Twitter co-founder Biz Stone, Narayana Murthy’s Catamaran Ventures and Global Founders Capital.

Reliance Strategic Business Ventures Limited, a unconditionally owned auxiliary of Reliance Industries, pronounced that it would deposit adult to 750 million Indian rupees ($10.6 million) of additional collateral into a startup, and lift a interest to about 89.66%, if NowFloats achieves certain vague goals by a finish of subsequent year.

In a statement, Reliance Industries pronounced a investment will “further capacitate a group’s digital and new commerce initiatives.” NowFloats is a latest merger Reliance has done in a nation this year. In August, a firm pronounced it was shopping a infancy interest in Google-backed Fynd for $42.3 million. In April, it bought a infancy interest in Haptik in a understanding value $100 million.

There are about 60 million tiny and medium-sized businesses in India. Like hundreds of millions of Indians, many in tiny towns and cities, who have come online in new years interjection to world’s cheapest mobile information skeleton and inexpensive Android smartphones, businesses are increasingly building online participation as well.

But immeasurable infancy of them are still offline, a fact that has combined measureless opportunities for startups — and VCs looking into this space — and vital record giants. New Delhi-based BharatPe, that helps merchants accept online payments and provides them with operative capital, lifted $50 million in August. Khatabook and OkCredit, dual digital bookkeeping apps for merchants, have also lifted poignant amounts of income this year.

In new years, Google has also looked into a space. It has launched collection — and offering superintendence — to assistance area stores settle some participation on a web. In September, a association announced that a Google Pay service, that is used by some-more than 67 million users in India, will now capacitate businesses to accept digital payments and strech their business online.

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