TVS Motor has acquired 100% stake in the company for INR 15 Cr
Intellicar has a turnover of INR 16.10 Cr in FY2020
Intellicar provides advanced fleet management solutions through IoT
Indian two-wheeler manufacturer TVS Motors, on Wednesday (December 2), announced that it has acquired 100% stakes in IoT solution provider Intellicar Telematics for about INR 15 Cr.
The acquisition will allow TVS Motors to accelerate its ongoing digital initiatives and enhance the customer experience. TVS Motors, in the BSE filings, has noted that the acquisition will not require any approvals and will be completed by December 31, 2020.
Intellicar Telematics was founded by Karan Makhija and Kaushik Raju in February 2015. It provides advanced fleet management solutions through an integrated platform powered by IoT technologies coupled with strong analytics and data management capabilities.
The IoT solution provider has a turnover of INR 16.10 Cr in FY2020, INR 14.54 Cr in FY2019 and INR 2018 in INR 9.66 Cr. The company was also a part of the Nasscom Emerge 50 Awards, back in 2017. It was also a part of the Karnataka government’s Elevate 100 Programme, which invested in 100 most innovative startups, in 2017.
TVS Motors has also backed several other companies in the past, including electric bike maker Ultraviolette Automotive, information technology & service company Tagbox Solutions, end-to-end predictive maintenance analytics solutions platform Predictronics Inc, Industrial IoT solutions company Altizon, AI-enabled platform Scienaptics and bike/appliance rental platform RentOnGo.
TVS Motors has created a Singapore-based subsidy to invest in tech startups, and it has invested about $16.57 Mn in 2019-2020.
TVS Serious About Emobility Vision Too
Earlier this year, TVS Motors launched its electric two-wheeler iQube Electric, priced at INR 1.15 Lakh. The electric scooter comes with three lithium-ion battery packs, which comes with a three year or 50 Km warranty and 75 Km range per charge.
It is offering a home charging unit that allows iQube Electric users to charge their vehicles at home. The scooter is also installed with a regenerative braking system that maximises charge during the ride as well.
TVS’ iQube also has features like geofencing for controlled rides, battery status alerts on smartphones, navigation assistance for finding the nearest charging points and speeding checks.
Currently, the scooter is only available in Bengaluru, but TVS Motors is planning to enter three to four other cities in the next fiscal year. The company’s manufacturing unit, which is set up in Hosur, Tamil Nadu, has the capacity to produce 1K units annually.
TVS Motors is also investing heavily in clean energy generation through solar and wind power for its EV charging infrastructure. The Chennai-headquartered company planned to invest INR 6 Cr in the financial year 2019-2020, ending March 2020.
The conversion to clean energy will be a part of TVS Motor’s ‘Group Captive Mode’ initiative, under which the company will focus on its future course to conserve energy.