An auto components maker, Rane Holdings has picked up a majority stake of 70% in IoT startup Telematics4U for around Rs 1.17 crore. Rane Holdings is a part of Rane Group which is most preferred OE manufacturer and supplier for global auto majors.
According to the stock exchange filings, Rane Holdings has acquired 70 percent stake in the IoT startup for around Rs 1.17 crore. In the filing, the company has also mentioned that it plans to invest around Rs 27 crore in the startup over the course of next two years in order to scale up the operations.
This was done through subscription of fresh stock and share purchase from existing shareholders.
Commenting on this development, Vinay Lakshman of Rane Group, said, “We foresee that this acquisition has potential to open up opportunities for us to expand our connected vehicle product portfolio.”
Telematics4U was founded in the year 2009 by Pratap Hegde. The Bengaluru-based startup telematics4U services (t4u) is a pioneer organization that designs and powers value ecosystems for the real-world, through Internet of Things (IoT). Apart from operating in diverse domains of public, private and social sectors, t4u is now spearheading efforts towards developing practical ecosystem solutions in what is known as the emerging Fourth Sector.
The company today hosts over thousands of assets across multiple platforms and is serving clients at a hyperlocal level across 50+ countries. It offers end-to-end solutions for transportation and asset-tracking to public, private, and social sector customers in India, South Asia, the Middle East, and Africa.
Not only this, the company has also developed an e-governance IT solution named Sand Mining Administration Regulation Transportation (SMART). The solution enables the government to monitor the revenue generation, real-time sand availability and transportation from the riverbed to sand stockyards to the end consumer.Apart from this,
Apart from this, startup is working with the Government of Goa for the project named Goa Iron Ore Mining. According to its website, Telematics4U generates revenues primarily by a SaaS monthly recurring subscription model, followed by hardware sales, consulting, software customisation, and onsite services.
According to the stock exchange filings, Rane Holdings has acquired 70 percent stake in the IoT startup for around Rs 1.17 crore. In the filing, the company has also mentioned that it plans to invest around Rs 27 crore in the startup over the course of next two years in order to scale up the operations.
This was done through subscription of fresh stock and share purchase from existing shareholders.
Commenting on this development, Vinay Lakshman of Rane Group, said, “We foresee that this acquisition has potential to open up opportunities for us to expand our connected vehicle product portfolio.”
Telematics4U was founded in the year 2009 by Pratap Hegde. The Bengaluru-based startup telematics4U services (t4u) is a pioneer organization that designs and powers value ecosystems for the real-world, through Internet of Things (IoT). Apart from operating in diverse domains of public, private and social sectors, t4u is now spearheading efforts towards developing practical ecosystem solutions in what is known as the emerging Fourth Sector.
The company today hosts over thousands of assets across multiple platforms and is serving clients at a hyperlocal level across 50+ countries. It offers end-to-end solutions for transportation and asset-tracking to public, private, and social sector customers in India, South Asia, the Middle East, and Africa.
Not only this, the company has also developed an e-governance IT solution named Sand Mining Administration Regulation Transportation (SMART). The solution enables the government to monitor the revenue generation, real-time sand availability and transportation from the riverbed to sand stockyards to the end consumer.Apart from this,
Apart from this, startup is working with the Government of Goa for the project named Goa Iron Ore Mining. According to its website, Telematics4U generates revenues primarily by a SaaS monthly recurring subscription model, followed by hardware sales, consulting, software customisation, and onsite services.
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