Hosur-based two-wheeler giant TVS Motor Company has acquired telematics start-up Intellicar in a cash deal of ₹ 15 crore, the company has announced in a BSE filing. The Intellicar software platform developed by the start-up is described as a one-stop integrated IoT solution with fleet tracking and predictive maintenance solutions to a wide range of vehicle types. The acquisition will help accelerate TVS' ongoing digital initiatives targeted towards improving the customer's ownership experience. The acquisition process will be complete by December 31, 2020.
Intellicar was founded in 2015 and has a reported revenue of ₹ 16.10 crore in FY2020, up from ₹ 9.66 crore in FY2018. The company says its software platform aims to handle large amounts of vehicle data, which in turn helps the analytics algorithm to predict part failures as well as assess driving behaviour that affects the vehicle performance. Intellicar's major clients operate in self-drive and car rental services, logistics, taxis services as well as automobile and auto ancillary OEMs. The company's website lists brands like Ashok Leyland, Blackbuck, Royal Brothers, Orix, VRL Logistics, Zoomcar among other companies as its clients.
Meanwhile, TVS is going big on its digital initiatives and recently introduced the ARIVE mobile app that uses augmented reality to convey more information about its products to customers. The company aims to change the product exploration experience with the new app. It is limited to the TVS Apache RR 310 and the Apache RTR 200 4V for now, but will include the company's complete portfolio in the future.