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Eyeing a huge opportunity in the vehicle tracking device business in the country, Volty IoT Solutions is setting up a manufacturing plant near Mangalagiri in Andhra Pradesh to manufacture Automotive Industry Standard-140 (AIS 140) GPS devices.
The facility, which will have a capacity to produce 2,000 devices per day, will begin production by June-July 2020.
“We are planning to put in Rs 50 crore in the next three years and provide 500 jobs,” Konark Chukapally, Founder and Chief Executive Officer of Volty IoT solutions, has said.
“There is a huge demand for these devices in the domestic market, particularly in the sand, mineral and public transport segments. About three commercial vehicles are supposed to be fitted with the AIS 140 devices in the next two years,” he said.
The company, which raised Rs 14 crore two years ago, is planning to raise Rs 35 crore next financial year.
“We sold two lakh devices so far in India and abroad. We are planning to expand the capacity of our Hyderabad facility to 3,000 devices a day from the present capacity of 1,000 devices,” he said.
The Hyderabad-based firm already supplied devices tapping these segments in Andhra Pradesh and Telangana.
Quoting surveys, he pegged at the vehicle tracking industry size at Rs 5,000 crore and is growing at a compounded annual growth rate of 18.42 per cent. .
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