Reliance Industries, one of India’s largest industrial houses, has acquired a majority stake in NowFloats, an Indian startup that helps businesses and individuals build online presence without any web developing skills.
In a regulatory filing on Thursday, Reliance Strategic Business Ventures Limited said (PDF) it has acquired an 85% stake in NowFloats for 1.4 billion Indian rupees ($20 million).
Seven-and-a-half-year old, Hyderabad-headquartered NowFloats operates an eponymous platform that allows individuals and businesses to easily build an online presence. Using NowFloats’ services, a mom and pop store, for instance, can build a website, publish their catalog, as well as engage with their customers on WhatsApp.
The startup, which has raised about 12 million in equity financing prior to today’s announcement, claims to have helped over 300,000 participating