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.

Incorporated on May 19, 2015, Easygov focusses on citizen-centric software solutions and services that help in improving convenience for people accessing and digitally applying for Government to Citizen (G2C) schemes and services.

The oil-to-telecom conglomerate, owned by billionaire Mukesh Ambani, said RIIHL has entered into an agreement for acquisition of equity shares of SankhyaSutra Labs Pvt Ltd (SSL), a high-performance computing software simulation services company, for a cash consideration not exceeding Rs. 16.02 crore.

The company will further invest up to Rs. 200 crore. The total investment is likely to be completed December 2021.The said investment will translate into about 83 per cent of equity capital in SSL on a fully diluted basis.

Incorporated on September 9,2015, SSLfocusses on simulation services for manufacturing and industrial companies including automobile, aircraft manufacturing, oil and gas, and semiconductor manufacturing etc.

RIIHL has entered into an agreement for the acquisition of equity shares of Reverie Language Technologies Pvt Ltd (Reverie), a language technologies development company, for a cash consideration not exceeding Rs. 190 crore.

The company will further invest an amount not exceeding Rs. 77 crore. The said investment upon completion will translate into 83.30 per cent equity capital in Reverie on a fully diluted basis. The total investment is likely to be completed by March 2021.

Incorporated on November 12, 2009, Reverie is engaged in the business of developing end-to-end voice technology stack for delivering a complete multilingual user experience. It would work in collaboration with Reliance ecosystem for integrating its services in the various existing digital consumer platforms of the group.

HBL