Reliance-owned SaaS startup NowFloats changed to a public company

NowFloats, a SaaS startup owned by Reliance Industries, has become a public company, according to regulatory filings.

As a result, the company’s name has been changed from NowFloats Technologies Pvt Ltd to NowFloats Technologies Ltd. NowFloats became a public company to comply with the Securities and Exchange Board of India’s (SEBI) regulations, which require subsidiaries of a listed company to become public companies. NowFloats, on the other hand, has no immediate plans to list on stock exchanges. The news comes nearly 20 months after Reliance Industries Ltd (RIL) paid $20 million for an 85% stake in NowFloats.