RIL-owned NowFloats converts into public entity

NowFloats, digital enabler for small and medium businesses (SMEs), has converted into a public entity. The development has come after 20 months of the company’s acquisition by Reliance Industries Limited (RIL).

NowFloats has converted itself into a public entity as per the resolution passed by the company’s board of directors, regulatory filings show. The name of the company has now been changed to NowFloats Technology Limited.

Nowfloats build software as a service products (SaaS) products for merchants to go online. According to the company’s website, it has three products namely Boost, Zadinga and Kitsune which cater right from small to large enterprises.

In December 2019, RIL had bought 85% stake in NowFloats for $20 million.

While NowFloats is yet to reveal FY22 financial numbers, the company’s revenue shrank 57% to Rs 6.6 crore in FY21. The company’s losses also dwindled 66% to Rs 3.89 crore in the fiscal year ending March 2021.