Merger & Acquisition

Reliance Acquires 3 Startups – Reverie, Easygov and SankhyaSutra Labs

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Reliance Acquires 3 Startups - Reverie, Easygov and SankhyaSutra Labs

Reliance Industries Limited (RIL), through its subsidiary Reliance Industrial Investments & Holdings (‘RIIHL’), has acquired three software solutions companies — Reverie Language Technologies Pvt Ltd, Surajya Services Private Limited (‘Easygov’) and SankhyaSutra Labs Pvt Ltd, according to various media outlets.

The acquisition investment will enable Reliance Industries’ digital initiatives that include enterprise-grade high end computing analytical tools and solutions.

Bengaluru-based Reverie Language Technologies builds Indian language suits for Chatbots and IVR. Backed by investors like Microsoft Accelerator, Qualcomm Ventures and Aspada, Reverie last raised funding in 2016.

Reliance Acquires 3 Startups - Reverie, Easygov and SankhyaSutra Labs
Reverie founders – Arvind Pani, Sachindra K Mohanty and Vivekananda Pani
Image Source – businessworld.in

In addition to a cash consideration of Rs. 190 crores for Reverie, RIIHL will invest Rs. 77 crore for 83.30% equity capital in Reverie on a fully diluted basis. The total investment is likely to be completed by March 2021.

Post acquisition, Reverie would work in collaboration with Reliance ecosystem for integrating its services in the various existing digital consumer platforms of the group.

For acquiring Surajya Services Private Limited (Easygov), a Noida-based
data solutions company, RIIHL has entered into an agreement for acquisition of equity shares of Easygov for up to Rs 18 crore.

Reliance Acquires 3 Startups - Reverie, Easygov and SankhyaSutra Labs

Amit Shukla, Founder of Easygov

RIIHL will additionally invest Rs. 50 crores in the company. Upon completion this will translate into 76% equity stake in Easygov on a fully diluted basis.

Founded in 2015, Easygov is an early-stage company focused on citizen centric software solutions and services that help in improving convenience to people in accessing and digitally applying for Government to Citizen (G2C) schemes and services.

EasyGov has raised a single round of funding , which was from Google’s Rajan Anandan and Social Alpha, a social media analytics and real-time market intelligence, in August, 2017.

RIIHL also entered into an agreement for acquisition of equity shares of Bangalore-based software simulation services company SankhyaSutra Labs Private Limited (SSL) for up to Rs 16.02 crore.

It will further invest an amount of up to Rs 200 crore and is likely to be completed the acquisition by December 2021. The said investment will translate into around 83 percent of equity capital in SSL on a fully diluted basis.

Founded in September 2015, SankhyaSutra Labs is a High-Performance Computing (HPC) software simulation services company that offers simulation services for manufacturing and Industrial companies like — automobile, aircraft manufacturing, oil and gas, and semiconductor manufacturing etc

“Sankhya Sutra” is Sanskrit for Numerical Algorithms.

SankhyaSutra Labs was incubated at the Jawaharlal Nehru Centre for Advanced Scientific Research (JNCASR), Bengaluru.

Top Featured Image Source – BloombergQuint on Twitter

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Vardaan
Founding editor at IndianWeb2, he's been writing at IndianWeb2 since 2007. Apart from blogging he had a professional career of software developer, Ux developer and search engine marketer in past. His vision of IndianWeb2 has been laid down so as to showcase, encourage and propagate Indian startups, innovation and entrepreneurship ideas.

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