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TVS Motor Company Ltd has announced selling of Intellicar Telematics Pvt Ltd, bought in December 2020 , to Fabric IOT Pvt Ltd for ₹45 crore.
The leading two and three-wheeler maker had signed the pact on May 16 with the Intellicar’s founders Karan Makhija, Shunmuga Krishnan, Sidharth Middela and Fabric IOT Pvt Ltd to divest its entire shareholding as per the terms of the agreement, according to a statement.
The seven-year old Intellicar Telematics, provides an integrated IoT (Internet of Things) solution with fleet tracking and predictive maintenance solutions to a range of vehicle types, clocked ₹17.06 crore revenue for the quarter ended March 31, 2022.
“This divestment is part of the ongoing value creation initiatives related to our digital portfolio. Working together with the Founders of each startup, we are laser-focused on supporting them to execute their Value Creation Plan (VCP) and then unlocking the value created at the most appropriate time,” said Rajesh Narasimhan, Director and CEO of TVS Digital Pte Ltd.
Fabric IOT has been recognised as a start-up by the Department for Promotion of Industry and Internal Trade and is engaged in the business of setting up an IoT network infrastructure, and platform and deploying various IoT solutions in the smart city, smart home spaces, among others providing energy management products, services and infrastructure, and future mobility solutions.
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