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Reliance takes interest in financing a tech Startup

 

Reliance again makes in the news!

Reliance Industries is investing $16 million (INR 107 Crore) in a US-based tech startup NetraDyne. This time, RIL is making this investment through its subsidiary Reliance Industrial Investments and Holdings Ltd. (RIIHL) in two different tranches. It is reported that half of the payment was done by May 30 and the next tranche will be done by March  next year. In return, RIIHL will get 40% of the equity or 1.50 crore shares of NetraDyne. Similarly, there might be potential synergies with telecom and digital business initiatives of RIL. Hence, it’s a good news for both RIL as well as NetraDyne.

NetraDyne is a vision analytics Startup headquartered in California. Headed by Avneesh Aggarwal, Former President of Qualcomm India & South Asia, NetraDyne creates solutions to real world problems using Computer Vision and Deep Learning Technologies. Moreover, it aims at creating a unified vision based ‘IoT’ platform for processing visual and other sensory input.The startup has improved a lot in terms of product development. It is also building deep learning solutions and vision analytics based products targeting industries like fleet management, automotive, security, and surveillance.

 

Reliance has been actively investing in startups through its venture capital arm Reliance GenNext Ventures. So far, it has invested in around four startups, including enterprise software firm Covacsis and surveillance solutions company Videonetics.

 

 

 

 

Takeaways :-

  • Reliance Industries is investing $16 million (INR 107 Crore) in US-Based Startup NetraDyne through its subsidiary Reliance Industrial Investments and Holdings (RIIHL).
  • The investment would be done in two different tranches. Half of the payment was done by May 30 and the next tranche will be done by May 30, 2017.
  • In return, RIIHL will get 40% of the equity or 1.50 crore shares of NetraDyne.
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