Introduction: The present research was conducted at the University of Delhi, India in 2017. Methods: We develop a software reliability growth model to assess the reliability of software products released in multiple versions under limited availability of resources and time. The Fault Reduction Factor (frf) is considered to be constant in imperfect debugging environments while the rate of fault removal is given by Delayed S-Shaped model. Results: The proposed model has been validated on a real life four-release dataset by carrying out goodness of fit analysis. Laplace trend analysis was also conducted to judge the trend exhibited by data with respect to change in the system’s reliability. Conclusions: A number of comparison criteria have been calculated to evaluate the performance of the proposed model relative to only time-based multi-release Software Reliability Growth Model (srgm). Originality: In general, the number of faults removed is not the same as the number of failures experienced in given time intervals, so the inclusion of frf in the model makes it better and more realistic. A paradigm shift has been observed in software development from single release to multi release platform. Limitations: The proposed model can be used by software developers to take decisions regarding the release time for different versions, by either minimizing the development cost or maximizing the reliability and determining the warranty policies.