TVS Motor Company has acquired Bengaluru-based vehicle telematics and internet of things (IoT) startup Intellicar Telematics for Rs 15 crore ($2.03 million as per current exchange rates).
The acquisition will help TVS Motor Company accelerate its ongoing digital initiatives, the Chennai headquartered two- and three-wheeler manufacturer said in a stock market disclosure.
Founded by Karan Makhija and Kaushik Raju in 2015, Intellicar provides advanced fleet management solutions through an integrated platform powered by IoT technology. It leverages analytics and data management capabilities to offer fleet tracking, predictive maintenance and remote access solutions to a range of vehicle types.
Its solutions help businesses monitor and manage remote assets to prevent misuse of assets, reduce both manpower costs and operational inefficiencies. It also provides a plug-n-play data processing platform and application set to track asset status to predict and prevent critical vehicle faults, improve fleet visibility, analyse fleet performance and monitor driver behaviour.
According to its website, the company has installed devices and sensors in over 160 vehicle types, such as bikes, auto rickshaws, cars, trucks, and buses. It also claims to have deployed more than 30 integrations, including GPS installations, panic buttons, OBD and CAN-based devices, fuel sensors, and alcohol detection systems, across 40 device types.
Intellicar said it has over 100 customers, who have conducted more than 50,000 device installations across different segments of the transportation and shared mobility industry.
Its client base includes firms such as Tata Motors, Volvo, Rivigo Blackbuck, Ola, Uber, Vogo, Bounce and VRL.
The startup reported a turnover of Rs 16 crore for the financial year 2018-2019 and Rs 14.5 crore the year before that.
In May 2019, TVS Motor Company invested $3.85 million in Singapore- and Bengaluru-based IoT supply chain monitoring platform Tagbox. The startup helps organisations monitor supply chains, leveraging technologies such as IoT, AI and ML.
TVS also led a $7 million Series A funding round in Pune- and US-based industrial IoT startup Altizon last year. Altizon’s solutions revolve around IIoT and cater to multiple industries, including automotive, steel, FMCG and energy.
TVS invested an additional $4 million in electric bike maker Ultraviolette Automotive in September, increasing its stake in the startup to 29.48%.