Varroc Engineering Limited, a global Tier 1 auto component manufacturer, has agreed to acquire 74% stake in the Pune-based CarIQ Technologies, a leading integrated connected vehicle solution provider to OEMs, fleet owners and insurance companies.
CarIQ is one of the few Indian tech start-ups that pioneered technology solutions for connected mobility. CarIQ’s proprietary solution is a seamless combination of hardware, software and IoT platform that enables safer driving, optimizing uptime and personal and commercial mobility. Its data analytics platform helps gather engineering data from a car into useful format for vehicle users, OEMs, fleet owners and Insurance Companies. CarIQ platforms have so far analyzed driving patterns for more than 90 million+ kms spread across 50,000+ drivers.
This transaction will complement Varroc’s connected vehicle product offerings such as instrument clusters, telematic devices and other data based analytical products.
Arjun Jain, President – Electrical & Electronics business at Varroc said on the occasion, “Varroc’s direction, even in a softer market, is to drive growth by leveraging automotive trends that will remain constant, trends like the desire to be greener, safer, smarter and more connected. We see our collaboration with CarIQ and the capabilities we will build together and share as a crucial part of both our current and future product strategy.”
Sagar Apte (CEO, CarIQ) and Hrishikesh Nene (CTO, CarIQ) added, “This partnership opens new possibilities for our customers and partners who trust us to build scalable enterprise grade solutions. Together with Varroc, we have ambitious plans to bring affordable and meaningful solutions for the automotive space in India and abroad.”
Based out of Aurangabad, Maharashtra, Varroc Engineering Ltd is a global tier-1 automotive component group and it was incorporated in 1988. We design, manufacture and supply exterior lighting systems, plastic and polymer components, electricals-electronics components, and precision metallic components to passenger car, commercial vehicle, two-wheeler, three-wheeler and off-highway vehicle OEMs directly worldwide.
The group revenue was close to Rs 12,500 crore (USD 1.8 Billion) in FY19, including the share of revenues from the China JV. The group employs more than 13,800+ employees, has 41 global manufacturing facilities and has 185 patents.