NowFloats, MA Network portfolio company acquired by Reliance Industries Arm for INR 142 crores
Mumbai Angels Network portfolio company NowFloats acquired by Reliance Industries Arm for INR 142 crores
December 14, 2019: Nowfloats, a Mumbai Angels Network (MA Network) portfolio company has got acquired by Reliance Industries. MA Network Investors were the first to invest in Nowfloats in 2013. The initial investment was followed by multiple rounds by existing MA investors, joined by institutional investors - Iron Pillar, IIFL, Blume Ventures and Omidyar Network.
NowFloats, founded in 2012 by Jasminder Singh Gulati, Neeraj Sabharwal, Nitin Jain and Ronak Kumar Samantray, develops cloud-first products that let busines provide better digital experiences to their customers from a mobile phone without the need for a computer at a fraction of the cost. They approach every business category individually, and their products are used by big brand names recognised by the small store in the local market.
Regarding the transaction, Mumbai Angels Investor and Committee Member at NowFloats, Anil Joshi commented: “We are proud to have been a part of NowFloats journey so far. I am sure NowFloats will touch the sky with the new investor on-board”.
Anirudh Damani, Mumbai Angels Investor added: “We were the first investors in NowFloats. We are happy to see the company grow and wish them the very best in their journey from here on with a partner like Reliance Industries.”
Nandini Mansinghka, Co-Promoter and CEO of Mumbai Angels Network said, “NowFloats is one of our early bets in Enterprise businesses. We are excited that one of our early portfolio companies has been acquired by a large strategic player in the Indian ecosystem. As the premier network for venture investing in India, our focus is always on growth and exits rather than investments.”
About Mumbai Angels Network:
Started in 2006, Mumbai Angels Network (MA Network) is India’s premier platform focused on new venture investing. The network is today 400+ members strong, across 8 chapters (Mumbai, Delhi, Bangalore, Kolkata, Hyderabad, Goa, Pune and Jaipur). It has a 135+ strong portfolio with 30+ exits and has invested 150+ crores.