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Algo acts on Nowfloats sale to CAM-advised Reliance for $20m

In yet another startup acquisition, Reliance Industries has scooped up Hyderabad-based SaaS startup NowFloats Technologies. The filings with the stock exchange show that Reliance Strategic Business Ventures Limited, a wholly-owned subsidiary of Reliance Industries Limited has acquired equity shares of NowFloats for a cash consideration of INR 141.63 Cr ($20 Mn). With this, Reliance will hold 85% equity in NowFloats.


Algo Legal advised Nowfloats Technologies Private Limited and its shareholders (including its founders and investors) led by a Mumbai-based team of partner Siddharth Manchanda, senior associate Priya Makhijani, associate Naina Rathore.

Cyril Amarchand Mangaldas Mumbai advised Reliance Industries Limited subsidiary Reliance Strategic Business Ventures Limited.


Deal value: INR 141.63 crore.

This deal report is based on a firm's press release and may be only partially complete. Some firms or names of advisers may be therefore be missing.

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