Companies

TVS Motor’s Singapore arm invests $7 m in US credit underwriting firm

Our Bureau Chennai | Updated on July 23, 2019 Published on July 22, 2019

Venu Srinivasan, CMD, TVS Motor Company   -  THE HINDU

To roll out electric 2-wheeler in a couple of months

Leading two- and three-wheeler maker TVS Motor Company’s Singapore subsidiary TVS Motor (Singapore) Pte Ltd will invest $7 million in New York-headquartered Scienaptic Systems Inc.

Scienaptic is an artificial intelligence (AI)-driven credit underwriting platform company. Its platform Ether enables enterprises to improve risk and credit assessment, monitor evolving fraud patterns and improve customer journeys and experience. Scienaptic counts several marquee Fortune 100 enterprises as its clients.

“Scienaptic’s end-to-end data analytics solution, with applicability to customers in various industries, has the potential to generate a new profit stream for our group. We are happy to invest in, and strategically partner with, Scienaptic as they continue to pursue bottom-line impact for Fortune 100 companies, and to leverage Scienaptic for our businesses,” Rajesh Narasimhan, Board Member of TVS Motor Company, and CEO of TVS Motor (Singapore), said in a statement.

“The investment by TVS enables us to accelerate our sales and product development,” Pankaj Kulshreshtha, Founder & CEO of Scienaptic, said.

Two-wheeler EVs

Meanwhile, TVS Motor is preparing to launch its electric two-wheeler soon, about 10 days after unveiling the ethanol-based variant of its motorcycle brand Apache.

“Our new electric two-wheeler will be out in the next couple of months,” Venu Srinivasan, Chairman & Managing Director, TVS Motor Company, said at the company’s annual general meeting here.

He said TVS Motor was working on all alternative technologies that include alcohol-based vehicles, fully electric models ahead of the market and infrastructure. “We are planning all technologies that will help us compete in the future,” he added.

Q1 net down

Discussing first-quarter performance, Srinivasan said total vehicle sales reported a marginal drop at 8.84 lakh units for the quarter ended June 30 against 8.93 lakh units sold in the year-ago period.

While domestic sales declined by 3.1 per cent, exports of two- and three-wheelers grew by 8.4 per cent and 11 per cent, respectively.

“It’s international business that protected our revenue line,” he said.

The company’s overall revenue grew 7.2 per cent at ₹4,470 crore for the first quarter of this fiscal against ₹4,171 crore in the year-ago period. EBITDA increased to 8 per cent from 7.7 per cent. Profit after tax fell to ₹142 crore from ₹147 crore.

Published on July 22, 2019
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