TVS Motors invests $2.5 million in Altizon Inc for 14% stake

CHENNAI: In its first investment in a digital startup,

TVS Motors

has picked up 14.14% stake in

California

and Pune-based internet of things company Altizon Inc for $2.5 million.


TVS will also pick up 10 shares in Altizon’s India operations in Pune (Altizon Systems Pvt Ltd) for Rs 63,268 while its wholly owned subsidiary in

Singapore

will invest $2.5 million in Altizon Inc in a cash deal. The total deal will be wrapped up by April 30.

In its stock market filing, the company said that the investment will allow it to source Altizon’s global client book.

“Altizon’s technology portfolio has definitive value in driving digital transformation with industrial IOT,” the statement said.

“TVS Motors will utilize the strong roaster of global industrial majors who are customers of Altizon and will gain from enhanced technology offerings.”

Founded by Ranjit

Nair

, Vinay Nathan, and Yogesh Kulkarni in 2013, Altizon is a leading industrial IOT platform provider recognized by

Gartner

in its

Magic Quadrant

for IloT Platforms. Altizon’s Indian operations saw its revenue increase from Rs 97 lakh in FY16-17 to Rs 1.88 crore in FY17-18 while the US company also saw its revenue increase from $91,200 in FY17 to $1,53,652 in FY18.


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