Reliance Retail buys 54% stakes in Addverb Tech

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Reliance Retail buys 54% stakes in Addverb Tech
19 Jan 2022
6 min read

News Synopsis

Reliance Retail is investing up to $132 million in the robotics company, Addverb Technologies. With this investment Reliance Retail will become the largest shareholder in the company. Addverb Technologies will use the investment to expand the business in Europe and the USA. 

It is also planning to establish an innovation lab with its base in Europe, the USA and India in order to solve the complexes in the field of human-robotic collaboration.

CEO and Co-founder at Addverb Technologies, Sangeet Kumar said that the company has previously collaborated with Reliance to co-create and deliver a highly automated warehouse for their Jio-Mart grocery business. He also said that this partnership will be helpful in leveraging 5G, battery technology with new energy initiatives, advances in material sciences for advanced and affordable robots.

Addverb is also planning to deploy its robots in hospitals and airports. Based in Noida, Addverb develops highly automated warehouses for brands like Reliance, Flipkart, HUL, Asian Paints, Coca-Cola, Pepsi, ITC, Marico, and others. It has the capacity to manufacture 10,000 robots of various kinds at its manufacturing facility in Noida.

TWN Special