Key points to note –
- Founded in 2012, Clovia has previously raised a total of $22 mn from various investors. Last round was in December 2020, when it had raised Rs 14.3 crore at a valuation of Rs 320 crore.
- RRVL is acquiring 89% of it for a consideration of Rs 950 crore valuing the company at about Rs 1067 cr.
- Rs 950 crore is through a mix of primary and secondary stake purchase.
- No financial numbers are disclosed about Clovia in Reliance’s press release. However, as per newspaper reports it had recorded revenues of $13.3 mn (Rs 100 crore) in CY 2019.