Reliance Retail Ventures, a unit of Reliance Industries Ltd., is looking forward to acquire minority stake in warehouse robotics company, Addverb Technologies Pvt. Ltd., for around Rs.300 crores. The deal with Addverb Technologies is valued around Rs.1, 590-1,660 crores.

Addverb Technologies was found in 2016 by former Asian Paints executives Satish Shukla, Sangeet Kumar, Prateek Jain, Bir Singh, Amit Kumar and Neeraj Sharma. The company takes privilege in its products as they help companies to improve space utilization in warehouses and factories by leveraging robotics and warehouse automation. The firm also ensures affordability to industries such as e-commerce, health, aviation, retail, grocery, fashion, third-party logistics, pharmaceuticals and auto parts.

Addverb Technologies, include Amazon, Flipkart, ITC and Coca-Cola among its clients, which have raised more than $10 million from Jalaj Ashwin Dani, co-promoter of Asian Paints, in two tranches in 2017 and 2019.

Reliance has made several acquisitions this year. Last month, company bought out retail lingerie businesses under the ‘Amante’ brand from MAS Brands, a unit of Sri Lanka-based MAS Holdings, for an undisclosed amount. In October Reliance Retail took a 52 percent stake in India’s oldest fashion house, Ritu Kumar. Company also picked up a significant stake in Manish Malhotra’s desi couture label in the same month. In July, it bought local search engine platform Just Dial Ltd for Rs.5, 713 crore through preferential allotment of shares and open offer.

Reliance Retail has raised nearly $6.4 billion in exterior funding last year from the US-based private equity firm Silver Lake Partners, Saudi Arabia’s Public Investment Fund, private equity firm KKR & Co., Abu Dhabi state fund Mubadala Investment Co. and Abu Dhabi Investment Authority.

Addverb Technologies’ net sales rose to Rs.111.2 crore in the year ended March 2020 from Rs.64.9 crore in the previous year.