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Reliance Industries All Set To Rule New Industries By Acquiring 3 Startups

| Published on March 5, 2019

Reliance Industries Limited, through its subsidiary Reliance Industrial Investments & Pvt Ltd has acquired three software solution startups – Reverie Language Technologies Pvt Ltd. (Language based technology platform), Surajya Services Private Ltd (Easygov, software service start-ups), SankhyaSutra Labs Pvt Ltd (software simulation service company), according to the regulatory filings and media reports.

These acquire shares investment will help out Reliance Industries in digital initiative, which includes enterprise-grade high end computing analytical tools and solutions.

Reverie Language Technologies:

This Bengaluru based technology establishing Indian language suits for Chatbots and IVR. The investors like Microsoft Accelerator, Qualcomm Ventures and Aspada, funded it last in 2016.

Investment: Documents filed by Reliance earlier this week, with the National Stock Exchange said it would invest up to Rs 190 crore in Reverie to acquire shares and would also invest up to 77 crore in the start-up. As of 2018, Reverie has a turnover of Rs. 7.6 crore.

Benefits: This isn’t Reliance’s first investment in an Indian start-up. But, it is definitely one of the biggest transactions in Indian education and deep technology space. Only 10% of India knows English, this technology will help to reach the remains.

Surajya Service Private Limited (Easygov):

Noida-based data Solution Company founded in 2015, is a developing company focused on citizen centric software solution and services.

Investment: Reliance agreed to purchase the equity shares of Easygov for up to Rs 10 crore. It will additionally invest Rs 50 crore in the company. This would give it a nearly 76 percent stake in easygov on the completion of this deal.

Benefits: It have raised single funding, from Rajan Anandan and Social Alpha, a social media analytics. It will help people to discover their eligibility through social schemes.

Sankhyasutra Labs Pvt Ltd:

Sankhyasutra labs were incubated at the Jawaharlal Nehru center for advanced scientific research, Bengaluru. “Sankhya sutra” is a Sanskrit for a numerical algorithm. It was founded in September 2015.

Investment: Reliance agreed to invest up to Rs 16.02 crore. Further, it will invest up to Rs 200 crore and investment will translate into around 83 percent of equity share.

Benefits:  It is high-performance computing software simulation service company that offer services for manufacturing companies like- automobile, aircrafts manufacturing, oil, and gas, etc. It will be benefits for such manufacturing companies.

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