Reliance Retail, a subsidiary of Reliance Industries Limited (RIL) today acquired 16 percent stake in US-based KaiOS Technologies Inc (KTI) for cash aggregating to USD 7 million (about Rs 45 crore).
The company acquired 19,04,781 shares of KTI, mobile operating system provider, at USD 3.675 per share, Reliance Retail said in a statement.
The aforesaid investment has potential synergies with the company's current investments in affordable digital devices business and also with the digital services initiatives of RIL and its subsidiaries, it said.
Reliance Retail is into the retail business and operates a chain of neighbourhood stores, supermarkets, wholesale cash and carry stores and specialty stores. KTI is an emerging mobile operating system technology provider incorporated in the State of Delaware, USA.
KTIs flagship product KaiOS originates from the Firefox open-source project. KaiOS combines the capabilities of a smartphone with the affordability of a basic handset.
KaiOS's web-based operating system enables a new category of digital devices (mobile and other IoT devices) that requires limited memory. KTI is an early stage revenue company, with turnover of USD 9.25 million and USD 2.5 million in CY 2017 and CY 2016 respectively.