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Reliance Industries acquires a majority stake in SaaS startup NowFloats for $20M

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.

Reliance Strategic Business Ventures Limited, a wholly-owned subsidiary of Reliance Industries, said that it would invest up to 750 million Indian rupees ($10.6 million) of additional capital into the startup, and raise its stake to about 89.66%, if NowFloats achieves certain unspecified goals by the end of next year.

In September, the company announced that its Google Pay service, which is used by more than 67 million users in India, will now enable businesses to accept digital payments and reach their customers online.

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