TVS Motor Company Ltd. on Tuesday said it has acquired Intellicar Telematics Private Limited and integrated Internet of Things (IoT) solution provider for Rs 150 million cash.
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 was founded in 2015 and has a reported revenue of ₹ 161 million in FY2020, up from ₹ 96.6 million in FY2018. It had a turnover of INR 145.4 million in FY2019. 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.