RIL arm buys 23% stake in US startup

Reliance Strategic Business Ventures (RSBVL), a wholly owned subsidiary of Reliance Industries has acquired a 23.3% stake in US-based robotics startup Exyn Technologies for $25 million.

The investment in the technology startup will boost Reliance’s presence in drone, industrial safety and robotics areas, while also helping Exyn to develop multiple application areas and commercialise the technology.

Also Read: Reliance to demerge financial services arm Jio Financial Services; list it on stock exchanges

Also Read

India Cements embarks on turnaround strategy

Vedanta Resources raises $450 million

Essar 2.0: Ruias script zero debt, asset-light business model

Satellite spectrum: Tech firms united, telcos divided on allocation

Exyn is an early stage technology company and provides multi-platform robotic solutions that can intelligently navigate and adapt to complex environments in real-time. The company enables drones/robots to navigate difficult terrains without GPS or other navigation technologies.

Also Read: Jio deposits Rs 3,720 crore in SBI escrow account to acquire Reliance Infratel 

“The aforesaid investment and partnership by RSBVL will have synergies with Reliance’s investments and strategic initiatives in drone, industrial safety & security and robotics areas, while accelerating Exyn’s product and technology development across multiple application areas and commercialisation,” Reliance Industries said in an exchange filing on Thursday. For 2021, turnover of Exyn was $ 4.32 million, higher than $1.83 million in 2020.