Reliance Industries-owned company NowFloats recently made a major announcement of its foray into the telemedicine vertical. Nowflotes has said that its main vision is to bring together one lakh doctors under its belt in the next three-four months. The company will gradually expand into other telemedicine ecosystems such as e-pharmacy, health screening, and other health-related services. The demand for telemedicine in the country has increased due to the ongoing unpredictable global pandemic COVID-19.
Reliance Industries Ltd has obtained a dominant portion of a stake in Software as-an Service (SaaS) supplier NowFloats Technologies Pvt. Ltd as a component of endeavors to support its digital and offline-to-online activities.
India’s greatest organization by showcase esteem said in a stock-trade documenting that it has purchased an 85% stake in NowFloats for Rs 141.64 crore ($20 million) and that it will contribute an extra Rs 75 crore to expand its holding to 89.66%.
RIL, which made the procurement through entirely possessed unit Reliance Strategic Business Ventures Ltd, said the extra speculation is liable to NowFloats accomplishing certain achievements and is probably going to be finished by December 2020.
Nowfloats was established in 2012 by Jasminder Singh Gulati, Neeraj Sabharwal, Nitin Jain, and Ronak Kumar Samantray. It helps Small and Medium Enterprises (SMEs) set up an online presence. Its different administrations incorporate a local content discovery platform, an online business management suite, and website promotion and marketing arrangements.
Nowfloats Head of Research, Nikhil Salkar stated, ‘We have 6,000 specialists now, who can give guidance to patients through online video. Patients will likewise not have to download any different applications to counseling a specialist. They will get a connection from the specialist on WhatsApp or other informing stages. ‘ Nikhil said that the organization has built up an innovation that permits doctors to counsel patients online in a short time.
Nikhil Salkar stated, ‘Patients can look through a special list of doctors on the web. We have site improvement on the site. We have built up this for specialists. It will show doctors dependent on their appraisals. The organization will charge Rs 1,000 every month for administration from doctors and Rs 10,000 every month for online video advising administration.
He further included, ‘We have 50,000 SMEs on our foundation, including 6,000 doctors. Of these, around 26,000 are paying participation expenses every year. Presently we will begin underscoring installment based help. He said that Nowfloats would begin extending the innovation after one lakh doctors joined the administration, as it would then become acquainted with the size and size of administrations expected to encourage tele-medication.
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The organization tallies Iron Pillar, Blume Ventures, IIFL, and Omidyar Network among its respected investors. Malaysian counseling firm Wenlyn Global Group has likewise put resources into NowFloats. It’s the latest funding round by angel investors was not long ago when it raised Rs 25 crore from existing and new financial specialists. In 2017, the organization had raised $10 million (Rs 73 crore) in a Series B round.
The beginning period organization announced income of Rs 32.56 crore for 2018-19, up from Rs 18.73 crore the prior year and Rs 10.38 crore for 2016-17. It posted a total deficit of Rs 43.24 crore for 2018-19, contrasted, and Rs 47.49 crore the prior year and Rs 31.43 crore for 2016-17.
The Rainmaker Group was the only financial adviser to the organization for this exchange.
RIL’s is betting big on Technology and Innovation Space and also investing a huge amount of money and resources to excel in the coming years.
This is, at any rate, the third securing that RIL or a RIL-possessed firm has made since September. The energy to-groceries conglomerate has freely acknowledged its key drive into the innovation section. This is likewise calculated by Jio, India’s biggest broadcast communications administrator.
In September, the Reliance-owned artificial intelligence-based conversational AI platform Haptik procured Buzzo.ai, a Mumbai-based conversational trade interface. In July, Haptik acqui-recruited Los Angeles-based conversational Artificial Intelligence startup Convrg Technologies Inc. to extend its business in North America.
In August, RIL said it would procure a greater part stake in Shopsense Retail Technologies Pvt. Ltd, which runs design entrance Fynd, for Rs 295.25 crore (around $41.9 million). The procurement came after the Mumbai-based Fynd raised its Series C financing in March a year ago. The speculation was driven by Google.
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In December a year ago, it bought a value stake of 5.56% in United Kingdom-based blockchain startup Vakt Holdings Ltd for $5 million (Rs 35 crore) to quicken its computerized venture through dynamic investment in developing and digital blockchain-empowered technology.