Hero Electronix, a part of the Hero group company, today forayed into the IoT space with the acquisition of Gurgaon-based Zenatix for an undisclosed amount.
Zenatix was founded in the year 2013 by IIT-Delhi engineers has built its own proprietary Internet of Things (IoT) stack, which includes hardware, cloud-based software and big-data analytics. Its current customers include banks, ATM management companies, retail chains and quick services restaurants.
Due to its advanced Machine Learning (ML)-based model, Zenatix analyses over 10 million data points every hour and deliver significant value in areas such as predictive maintenance and consumer experience analytics.
Hero Electronix Founder Director Ujjwal Munjal said the company aims to invest Rs 300-400 crore over the next 3-5 years to expand in the IoT space. The company is eyeing revenues of around Rs 1,000 crore from the vertical in the next 5-6 years, he added.
"If we examine the IoT space in India today, we only see the tip of the proverbial iceberg. As our team drives innovation, we are exploring acquisition and partnerships with start-ups like Zenatix, who are combining technology and data-driven insights for sectoral disruption," Munjal said.
With the acquisition, Hero Electronix plans to work closely with Zenatix to introduce new solutions to its existing clients and enter new segments.
One of the main ambitions of the company is to help in addressing business challenges in retail, hospitality and logistics verticals through the deployment of IoT and emerging technologies, Hero Electronix CEO Nikhil Rajpal told PTI.
Hero Electronix has also invested in Tessolve, Malaysia's Spectrum Integrated Technologies Sdn Bhd and the test lab business of Singapore's Lynxemi Pte Ltd.
In 2015, Hero Electronix acquired MyBox Technologies, one of India's largest multi-operator manufacturers of digital set-top boxes in the country.