Mahindra has invested ₹ 12 crore in Carnot Technologies Private Limited increasing its stake to 15.60 per cent of the equity share capital (or 48.05 per cent of the share capital on a fully diluted basis). Carnot Technologies is an Indian start-up which provides products and services related to internet connected devices for monitoring performance of vehicles and equipment. The company witnessed a turnover of ₹ 17.3 crores in FY 2020.
Carnot is expected to support the company's strategy by developing information technology solutions for its products, customers and businesses. Carnot was incorporated in August 2015 and is engaged in the business of research, development, manufacturing and retail of products and providing services in the field of information technology and technology enabled applications in different fields, including vehicles and farm equipment. Therefore, the company can assist Mahindra with the data related to its farm equipment along with automobiles.
In terms of revenue, Carnot has been on the growth trajectory. In FY 2018 the company recorded a revenue of ₹ 2.4 crore and it went up to ₹ 3.3 crore in FY 2019. As already mentioned, in FY 2020 it got a major fillip taking the revenue to ₹ 17.3 crore. Mahindra has already paid ₹ 3 crore in primary infusion and will be paying the balance amount of Rs, 9 crore in secondary infusion by September 30, 2020, thereby completing the acquisition of the said stake.