Reliance Ind arm to invest Rs. 550 cr in three early stage software start-ups

Reliance Industries Ltd (RIL) seems to be setting great store by investing in early- stage software companies. RIL’s wholly-owned subsidiary, Reliance Industrial Investments and Holdings Ltd (RIIHL), will be making investments aggregating Rs. 550 crore in three companies — Surajya Services Pvt Ltd (Easygov), SankhyaSutra Labs Pvt Ltd (SSL) and Reverie Language Technologies Pvt Ltd (Reverie).

RIIHL has entered into an agreement for acquisition of equity shares of Surajya Services Pvt Ltd (Easygov), a software service and data solutions company, for a cash consideration not exceeding Rs. 18 crore.

RIL, in a stock exchange notice, said that RIIHL will further invest an amount not exceeding Rs. 50 crore. Upon completion, the investment will translate into 76 per cent equity stake in Easygov on a fully diluted basis. The total investment is likely to be completed by March 2021. “This investment will further enable the group’s digital initiatives including G2C,” RIL said.