Reliance Retail to invest $132 million in Addverb Technologies
17 January 2022, Mumbai:
Reliance Retail Ventures Ltd (RIL) is set to invest over $132 million in robotics startup Addverb Technologies, says Sangeet Kumar, Co-founder and CEO.
Founded in 2016, Addverb Technologies considers Amazon, Flipkart, ITC and Coca Cola as its clients. It last raised $10 million in 2018 from JalajAshwinDani of Asian Paints.
KEY HIGHLIGHTS
- The RIL arm dials into in a robotics startup Addverb Technologies
- Reliance Retail has bought a majority stake for $132 million
- Addverb will continue to operate independently
Addverb leverages artificial intelligence, machine learning, automated storage and retrieval system (ASRS), shuttles, IoT along with their in-house software solutions to improve performance and accuracy of warehouse and factory operations. The company offers robots under concepts such as pick to light, pick by voice, pallet shuttle and yard management.
While the company has offices in Australia, Singapore and Netherlands, it is planning to expand its leadership team in US and Europe as well.
The robotics startup aims to clock $1 billion revenue-run rate in the next 5 years, of which 40 per centwill come from the international markets, adds Kumar
A Fortune Business Insights report estimates the global logistics robots market to touch $17.82 billion by 2028. In the Asia-Pacific region, the demand will be driven by the advancements in auto manufacturing, coupled with the escalating growth of the e-commerce industry in India and China.
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