Leading two-wheeler maker TVS Motor Company announced acquisition of Bengaluru-based Intellicar Telematics Private Ltd for an estimated sum of ₹15 crore.
The start-up provides an integrated IoT (Internet of Things) solution with fleet tracking and predictive maintenance solutions for a wide range of vehicle types.
The all-cash deal will see TVS Motor acquiring 100 per cent in the five-year old Intellicar, according to communiqué to stock exchanges.
“Intellicar provides advanced fleet management solutions through an integrated platform powered by IoT technologies coupled with strong analytics and data management capabilities. It will help accelerate the ongoing digital initiatives at TVS Motor Company Ltd that are targeted at delivering enhanced customer experience,” said the statement.
Intellicar had reported revenue of ₹16.10 crore in FY20, up from ₹9.66 crore in FY18.
The acquisition process is expected to be completed by the end of this month.