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Reliance Retail is set to invest over $130 million in robotics startup Addverb Technologies, Co-founder and CEO Sangeet Kumar told CNBC-TV18 in an exclusive chat.

“Reliance has been our customer since the start. If we have to use our robots in India in scale, there are only few companies and Reliance is one of them. So, we are definitely looking for a strategic relationship,” said Kumar.

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Founded in 2016, Addverb Technologies counts Amazon, Flipkart, ITC and Coca-Cola among its clients. It last raised $10 million in 2018 from Jalaj Ashwin Dani of Asian Paints.

Addverb leverages artificial intelligence, machine learning, automated storage and retrieval system (ASRS), shuttles, IoT along with their in-house software solutions to improve performance and accuracy of warehouse and factory operations. The company offers robots under concepts such as pick to light, pick by voice, pallet shuttle and yard management.

While the company has offices in Australia, Singapore and Netherlands, it is planning to expand its leadership team in US and Europe as well.

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The robotics startup is aiming to clock $1 billion revenue-run rate in the next 5 years, of which 40% of the revenue is going to come from the international markets, Kumar added.

As per a Fortune Business Insights report, globally, the logistics robots market is expected to touch $17.82 billion by 2028. In the Asia-Pacific region, the demand will be driven by the advancements in auto manufacturing, coupled with the escalating growth of the e-commerce industry in India and China.

Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

(Edited by : Priyanka Deshpande)

First Published:Jan 14, 2022 8:18 PM IST