Smartron, a Hyderabad-based start-up founded in 2014 with a vision to build a global technology OEM brand that is ‘designed and engineered’ in India, has picked up an undisclosed equity position in city-based Volta Motors, another start-up engaged in creating electric mobility solutions for masses.
Mahesh Lingareddy, Founder and Chairman of Smartron, said the alliance would also see the company provide IoT (Internet of Things) and AI (Artificial Intelligence)-based product development support to Volta in its e-bike initiative.
Volta Motors will be eventually christened as Tron Motors, a Smartron company.
“This marks a collaboration of two start-ups with the same ideals and aspirations of building an Indian brand in the global product market place,” he said.
Volta Motors has so far designed and developed India’s first cross-over electric bike ‘VOLTA ZAP’. Under the aegis of this new company, the team will accelerate the development, manufacturing and commercialisation of these vehicles. The company also intends to bring out a range of IoT-enabled electric vehicles that will be designed, engineered, and manufactured in India for the global market “It will also redefine the lifestyle segment of mobility by being sustainable and promote healthy living,” he said.
Mr. Lingareddy said hardware innovation spurred by IoT and AI would be the next big wave in technology and provided a ‘huge disruptive opportunity’ to start-ups. Asserting that India required a robust product ecosystem, he said Smartron would focus on building its own platforms and ecosystem.
Smartron, he said, had earlier raised ₹100 crore in venture capital funds and poised to raise another ₹200 crore this year. Stating that product development was a capital-intensive exercise, he said close to 90% of the money raised thus far had come from foreign venture funds. Significantly, former test cricketer Sachin Tendulkar is a Brand Ambassador and strategic shareholder of Smartron.
Smartron has developed tronx, an AI-powered IoT platform offering devices, sensors, services, community and care delivering seamless and intelligent experience. It has R&D centres in Hyderabad and Bengaluru.
