Smartron, an IoT company, has received a $200 million funding commitment from GEM.
- ByStartupStory | January 26, 2022
Smartron, an AI.T (artificial intelligence of things) and EV GEM (electric vehicle original equipment manufacturer) startup based in Hyderabad, has inked a deal with Global Emerging Markets Group (GEM) to provide the latter with a $200 million share subscription facility.
Smartron was founded in 2014 by Mahesh Lingareddy as a smartphone GEM before pivoting to AI-enabled IoT devices and electric vehicles. It promotes a wide range of products, including a line of electric bicycles known as E bikes, a smart speaker and mesh router known as the hub, and a laptop known as the E book.
GEM is a $3.4 billion alternative investment firm with offices in Paris, New York, and the Bahamas. Its investment vehicles focus on emerging markets all over the world. It usually tries to gain control or a minority stake in manufacturing and service businesses with revenues ranging from $3 million to $20 million.
“Over the next 3-5 years, Smartron will concentrate on driving growth by focusing on the Smart Home, Smart Infra, EV, and Energy verticals, which will be powered by the smartron X platform, manufactured by works, and supported by life.” “The smartron X platform is also being offered as a B2B service to companies targeting various AI.T applications,” said Mahesh Lingareddy, Smartron Group’s founder and chairman.
Due to ongoing global supply chain challenges and alignments, Lingareddy believes his company is uniquely positioned to benefit from huge opportunities across the Indo-US corridor.
The global IoT industry was estimated to be worth $308.9 billion in 2020, and it is expected to grow at a CAGR of 25.4 percent from $381.30 billion in 2021 to $1,854.76 billion in 2028.
New use cases and applications arising from IoT devices’ ability to interact with each other (self-reliantly) without human intervention, according to Fortune Business Insights, are expected to fuel further growth.
Imagine Marketing, boAt’s parent company, signed an agreement to buy Ka Ha Pte Ltd (Cove IoT), a wearable smart IoT (internet-of-things) product development startup based in Singapore, earlier this month.
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