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TVS Motor acquires Intellicar for Rs 15 Cr cash
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SME Times News Bureau | 01 Dec, 2020
Two and three wheeler maker TVS Motor Company Ltd. on Tuesday said it
has acquired Intellicar Telematics Private Limited and integrated
Internet of Things (IoT) solution provider for Rs 15 crore cash.
The automobile company also said it closed last month selling 322,709 units up from 266,582 units sold in November 2019.
In
a regulatory filing, TVS Motor said the acquisition of Rs 16.10 crore
turnover Bengaluru based Intellicar will help accelerate its ongoing
digital initiatives targeted at delivering enhanced customer experience.
TVS Motor said the acquisition is expected to be completed by December 31, 2020.
Intellicar
provides advanced fleet management solutions through an integrated
platform powered by IoT technologies coupled with strong analytics and
data management capabilities.
The company provides a one stop
integrated IoT solution with fleet tracking and predictive maintenance
solutions to a wide range of vehicle types.
Meanwhile, TVS Motor said it closed last month selling 322,709 units up from 266,582 units sold in Nov 2019.
According
to TVS Motor, total two-wheelers sales grew by 25 per cent recording
311,519 units in November 2020 as against 249,350 units in November
2019.
In the three wheeler segment, the company registered sales of 11,190 units last month as against 17,232 units in November 2019.
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