NowFloats, Owned By RIL, Becomes A Public Entity

The digital enabler for Small and Medium Enterprises (SMEs), NowFloats, has become a public entity. The change has occurred 20 months after Reliance Industries Limited (RIL) acquired the business. According to a resolution adopted by the company's board of directors, NowFloats has become a public business, according to regulatory documents. The organization is now known as NowFloats Technology Limited.

For online retailers, Nowfloats creates Software As A Service (SaaS) products. The company's website lists three products, Boost, Zadinga, and Kitsune, that are suitable for both small and large businesses. For $20 million, RIL acquired 85% of NowFloats in December 2019.

NowFloats has not yet disclosed its financial results for FY22, although in FY21, the business's revenue dropped by 57% to Rs 6.6 crore. Additionally, the business' losses decreased 66% to Rs 3.89 crore in the fiscal year that ended in March 2021.

Founded on May 9, 2012, Nowfloats Technologies Private Limited is a private company. It is registered with the Registrar of Companies in Hyderabad and is categorized as a Non-Government Company. It has a paid-up capital of Rs. 2,046,130 and authorized share capital of Rs. 4,750,000. It is involved in the manufacture, supply, and documentation of ready-made (non-customized) software, operating systems software, business & other applications software, and computer game software for all platforms.