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Two and three wheeler maker TVS Motor Company Ltd. on Tuesday said it has acquired Intellicar Telematics Private Limited and integrated Internet of Things (IoT) solution provider for Rs 15 crore cash.
The automobile company also said it closed last month selling 322,709 units up from 266,582 units sold in November 2019.
In a regulatory filing, TVS Motor said the acquisition of Rs 16.10 crore turnover Bengaluru based Intellicar will help accelerate its ongoing digital initiatives targeted at delivering enhanced customer experience.
TVS Motor said the acquisition is expected to be completed by December 31, 2020.
Intellicar provides advanced fleet management solutions through an integrated platform powered by IoT technologies coupled with strong analytics and data management capabilities.
The company provides a one stop integrated IoT solution with fleet tracking and predictive maintenance solutions to a wide range of vehicle types.
Meanwhile, TVS Motor said it closed last month selling 322,709 units up from 266,582 units sold in Nov 2019.
According to TVS Motor, total two-wheelers sales grew by 25 per cent recording 311,519 units in November 2020 as against 249,350 units in November 2019.
In the three wheeler segment, the company registered sales of 11,190 units last month as against 17,232 units in November 2019.