CURRENT AFFAIRS

Detailed explanation-1: -Reliance Retail Ventures Ltd, the retail unit of Reliance Industries Ltd, has acquired 54% stake in Addverb Technologies for $132 million ( ₹983 crore approximately).

Detailed explanation-2: -Founded in 2016 by Sangeet Kumar, Prateek Jain, Bir Singh, Satish Kumar Shukla and Amit Kumar, Addverb was recently in news after Reliance acquired 54% stake in the company for $132 Mn. Addverb’s proprietary warehouse robotics and automation products are being used by retail and ecommerce giants around the world.

Detailed explanation-3: -Addverb designs and builds robotics and warehouse automation solutions for clients and the sale of such products constitutes 90% of its operating revenue. This income surged 63.5% to Rs 282 crore in FY22 from Rs 172.5 crore in FY21.

Detailed explanation-4: -NEW DELHI: Reliance Retail Ventures Ltd-backed Addverb Technologies, a manufacturer of autonomous robots for intralogistics operations, is aiming to become a billion dollar company in revenues in next five years and to achieve the same it is opening a new manufacturing facility to expand capacity.

Detailed explanation-5: -Addverb Technologies Private Limited is an unlisted private company incorporated on 24 June, 2016. It is classified as a private limited company and is located in Gautam Buddha Nagar, Uttar Pradesh. It’s authorized share capital is INR 1.45 cr and the total paid-up capital is INR 51.22 lac.