Reverie, Easygov and SankhyaSutra Labs Acquired by Reliance Industries

Through Reliance Industries Limited’s (RIL) subsidiary Reliance Industrial Investments & Holdings (‘RIIHL’), obtained three software solutions companies namely, Reverie Language Technologies Pvt Ltd, Surajya Services Private Limited (‘Easygov’) and SankhyaSutra Labs Pvt Ltd, according to the reports by various media outlets.The procured investment would permit Reliance Industries’ digital initiatives, that proves the involvement of enterprise-grade high end computing analytical tools and solutions.

Bengaluru-based Reverie Language Technologies develop and enhance Indian language suits for Chatbots and IVR. Reverie last raised its funding, previously in 2016, where it was supported by investors like Microsoft Accelerator, Qualcomm Ventures and Aspada. Exceeding to a cash solicitude of Rs. 190 crores for Reverie, RIIHL would make an investment of Rs. 77 crore for 83.30% equity capital in Reverie on a completely diluted basis. The summed investment is probably to be finished and achieved by March 2021. Reverie would also work while teaming up with Reliance ecosystem for integrating its services in the numerous existing digital consumer platforms of the group after acquisition.

For acquiring Surajya Services Private Limited (Easygov), a Noida-based data solutions company, RIIHL stepped into an agreement for acquisition of equity shares of Easygov for up to Rs 18 crore.RIIHL will additionally invest Rs. 50 crores in the company. Upon completion this will translate into 76% equity stake in Easygov on a fully diluted basis. Founded in 2015,

Easygov is an early-stage company that concentrates on citizen centric software solutions and services that aid in improving convenience to people while accessing and digitally applying for Government to Citizen (G2C) schemes and services. EasyGov raised a single round of funding, that came from Google’s Rajan Anandan and Social Alpha, a social media analytics and real-time market intelligence, previously in August, 2017.

RIIHL also implemented an agreement for acquisition of equity shares of Bangalore-based software simulation services company, SankhyaSutra Labs Private Limited (SSL) for reaching up to Rs 16.02 crore. It was further reported that it would also invest an amount of up to Rs 200 crore and is possibly to achieve the acquisition by December 2021. The marked investment would also translate in about 83 percent of equity capital in SSL on a completely diluted basis.

SankhyaSutra Labs were founded in September 2015, as a High-Performance Computing (HPC) software simulation services company that offered simulation services for manufacturing and Industrial companies such as, automobile, aircraft manufacturing, oil and gas, and semiconductor manufacturing and others. “Sankhya Sutra” is a Sanskrit for Numerical Algorithms. SankhyaSutra Labs were incubated at the Jawaharlal Nehru Centre for Advanced Scientific Research (JNCASR) in Bengaluru.