Hyderabad-based AIoT (artificial intelligence of things) and EV OEM (electric vehicle original equipment manufacturer) startup Smartron has signed an agreement with Global Emerging Markets Group (GEM) to provide the former with a share subscription facility of up to $200 Mn.
Founded in 2014 by Mahesh Lingareddy, Smartron began its operations as a smartphone OEM before pivoting to make AI-enabled IoT devices and EVs. It advertises a full range of products including an assortment of electric bicycles called tbike, a combined smart speaker and mesh router called the thub, a laptop called tbook etc.
GEM is a $3.4 Bn alternative investment group that operates investment vehicles focused on emerging markets across the world through its offices in Paris, New York and the Bahamas. It typically seeks to obtain control or minority interests by making direct investments in manufacturing and services businesses with revenues between $3 Mn and $20 Mn.
“Over the next 3-5 years, Smartron will be focused on driving growth by targeting primarily Smart Home, Smart Infra, EV, and Energy verticals powered by tronX platform, manufactured by tworks, and cared by tlife. The tronX platform is also being offered as a B2B service to Companies that are targeting various AIoT applications,” said Mahesh Lingareddy, founder and chairman of Smartron Group.
Lingareddy said his company is uniquely positioned to benefit from huge opportunities across the Indo-US corridor thanks to the ongoing global supply chain challenges and alignments.
The market size of the global IoT industry was estimated to be $308.9 Bn in 2020 and is projected to grow from $381.30 Bn in 2021 to $1,854.76 Bn in 2028 at a CAGR of 25.4% during the forecast period.
According to Fortune Business Insights, new use cases and applications borne out of IoT devices’ ability to interact with each other (self-reliantly) without human interference is expected to drive this growth further.
Earlier this month, boAt’s parent company Imagine Marketing had signed an agreement to acquire Singapore-based KaHa Pte Ltd (Cove IoT), a wearable smart IoT (internet-of-things) product development startup.
The post Smartron Secures $200 Mn Share Subscription Facility From GEM Group appeared first on Inc42 Media.
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