On Tuesday, May 29,2018, Hero Electronix entered IoT space with the acquisition of Gurgaon-based enterprise IoT startup Zenatix. Yet, the other acquisition information has not been disclosed.
Founded in 2013, Zenatix has built its own proprietary Internet of Things including cloud-based software, big-data analytics. ATM management companies, quick service restaurant outlets, retail chains are the current customers of Zenatix.
Founder at Hero Electronix, Ujjwal Munjal said, “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. While our IoT solutions are for enterprises, to begin with, we are getting ready to venture into the consumer segment.”
The acquisition not only benefits Hero Electronix but will also help Zenatix expand its clientele from banking, quick service outlets to range of sectors like logistics. The company planning to make its presence globally, however, Chief Executive Officer at Zenatix, Rahul Bhalla stated that said the focus will be South East Asian countries and West Asia that have challenges like the India market.
Since 2015, Hero Electronix is the group’s venture into the new technologies space. The company has entered the semiconductor engineering sector with investment in Tessolve Semiconductor.
Hero Electronix plans to contribute between Rs 300 crore and Rs 400 crore to venture into IoT space by 2020 and targets Rs 1000 crore from the business.