Supply chain startup Addverb gets $1B order from Reliance Industries
Addverb, founded in 2016 by five Asian Paints veterans, closed the deal with majority shareholder Reliance Industries to supply robots in their Jamnagar refinery.
Thursday February 17, 2022,
2 min Read
Noida-headquartered robotics and automation solutions provider Tech50 2021 startup earlier announced that they are planning to expand operations outside India.Technologies — a YourStory
And now it is known that Addverb has closed a deal worth $1 billion to deploy their robots in' Jamnagar Refinery.
These rapid developments at Addverb are par for the course in 2022. Just last month, the six-year old startup announced that they were raising $132 million from Reliance Industries in return for a majority shareholding.
At the time, they had said that while Reliance was already a strong partner, most of their revenue came from other sources. Today, that relationship seems to have grown even stronger to the benefit of both parties.
According to report in the Times of India, the $1 billion order will be spread out over the next four to five years. While Addverb declined to disclose the order value, they did mention that the robotic logistical support they will be providing can be completely controlled remotely.
The fleet of Dynamo 200 robots to be deployed in Jamnagar are connected via a 5G network, and controlled through Addverb's in-house fleet management system called Legion. Legion is hosted in Ahmedabad, and can be controlled by someone sitting in Mumbai!
Addverb was founded in 2016 by five Asian Paints alumni, and has raised money from Asian Paints promoter Jalaj Dani and GAIL Limited, and Reliance among others.
Edited by Rajiv Bhuva