In yet another startup acquisition, Reliance Industries has scooped up Hyderabad-based SaaS startup NowFloats Technologies. The filings with the stock exchange show that Reliance Strategic Business Ventures Limited, a wholly-owned subsidiary of Reliance Industries Limited has acquired equity shares of NowFloats for a cash consideration of INR 141.63 Cr ($20 Mn). With this, Reliance will hold 85% equity in NowFloats.

— Inc42

Algo Legal advised Nowfloats Technologies Private Limited and its shareholders (including its founders and investors) led by a Mumbai-based team of partner Siddharth Manchanda, senior associate Priya Makhijani, associate Naina Rathore.

Cyril Amarchand Mangaldas Mumbai advised Reliance Industries Limited subsidiary Reliance Strategic Business Ventures Limited.

2019-12-12

Deal value: INR 141.63 crore.

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