Reliance acquires 79.4 pc stake in US-based SaaS startup SenseHawk

In a disclose to the National Stock Exchange, Reliance industrieshas announced that it has acquired a 79.4 percent stake in SenseHawk, a California-based SaaS company that helps the solar energy generation industry with project management.

Founded in 2018, SenseHawk collects data around solar panel projects, and uses the data to provide a digital platform that helps manage the end-to-end solar asset lifecycle. The data it provides helps its clients streamline their solar panel management processes.

According to the disclosure, SenseHawk has grown its turnover over the last three financial years. In FY 2020, the company made around $1.3 million; in FY 2021, it made around $1.16 million; and in FY 2022, it made around $2.3 million.

Mukesh Ambani-led Reliance Industries is known for its oil production, with almost 60 percent of the company's revenue coming from oil refining and petrochemicals. However, the company has been trying to diversify its holdings by expanding into retail, telecommunications, and technology.

Additionally, Reliance said it is looking to move into clean energy at an announcement during its annual general meeting last week that it would be setting up a new Giga Factory for Power Electronics. According to a report in Mint, the company has allocated $80 billion to invest in clean energy over the next 10 to 15 years.

(This story has been updated to reflect that SenseHawk calls itself a SaaS startup rather than a drone services startup.)