Two-wheeler maker TVS Motor Company has acquired Intellicar Telematics Private Ltd for an estimated sum of ₹15 crore.
Bengaluru-based Intellicar Telematics Private Limited provides a one stop integrated IoT solution with fleet tracking and predictive maintenance solutions to a range of vehicle types.
The Telematics startup is a technology focused data-driven organization in the connected mobility space. With its platform, it brings in solutions and services having capabilities in Telematics, Fleet management, Fuel monitoring, Keyless Access control, Driver & passenger safety, Driver coaching and Preventive maintenance and Predictive analytics
TVS motor company is a two and three-wheeler manufacturer, and the flagship company of the USD 8.5 billion TVS Group. The company’s sales grew by 21% registering 322,709 units in November 2020 as against 266,582 units in the month of November 2019.
The Company’s total exports registered 74,074 units in the month of November 2020 as against 74,060 units in November 2019. Two-wheeler exports registered a growth of 10% with 63,730 units in November 2020 as against 58,128 units in November 2019. The exports were adversely affected due to the unavailabilityof containers and impact on operations of Chennai port on account of Cyclone Nivar in the last week of November 2020.
–AK
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.