Hero Electronix, a Hero Group Company, entered IoT space with the acquisition of enterprise focussed IoT start-up Zenatix.

The acquisition is the part of the ₹400-crore investment planned by Hero Electronix in the IoT space. Ujjwal Munjal, Founder Director, Hero Electronix, said the rest of the investment will be used in building its own consumer facing IoT products, acquisitions and growth. The new products will be announced before this year end, he added.

While the new product segment directed at consumers will be branded under Hero Electronix, enterprise solutions will continue to be branded under Zenatix.

Zenatix has built its own hardware, cloud-based software and big data analytics platform that helps enterprises tackle business challenges like servicing ACs on time or predicting when refrigerator would fail for a restaurant through deployment of connected-devices.

The acquisition will also help Zenatix expand its clientele from banking, retail and quick service outlets to range of sectors like logistics. Though Zenatix currently caters to Indian audience, there are plans to take Zenatix globally. Rahul Bhalla, Chief Executive Officer, Zenatix, said the focus will be South East Asian countries and West Asia that have challenges similar to the India market.

Hero Electronix registered revenue of ₹600 for the fiscal ended March 2017. Its engineering and semiconductor business Tessolve accounts for about ₹250 crore whereas MyBox, its set top box venture is a major revenue generator at ₹350 crore. The company is looking to expand its Tessolve and MyBox businesses as well. Hero Electronix is looking strengthening its Tessolve business in China. In case of MyBox, the company is floating a tender to enter into other emerging markets.

comment COMMENT NOW