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#News(Startup) [ via IoTForIndiaGroup ]
Among two-wheeler makers, TVS Motor leads in backing start-ups. In the past three years, the Chennai-headquartered entity has invested in four companies. In comparison, HeroMotoCorp had two rounds of funding; Kwang Yang Motor and Mahindra Group had a deal each in this period.
TVS Motor, through its Singapore subsidiary, has taken minority stakes in start-ups across domains — electric vehicles (EVs), artificial intelligence (AI), the Internet of Things. Others in the segment invested mostly in EV and urban mobility solution start-ups.
Of its four investments, two are in the Industrial Internet of Things (IIoT) and machine learning, and in AI. Last week, the company announced investment of $3.85 million in TagBox, a supply chain IIoT and machine learning platform company.
Venture Intelligence data show TVS Motor invested around $1 million in Ultraviolette Automotive, an electric mobility solutions firm, in December 2017, for a 14.8 per cent stake. Another $1 mn in August 2018 had raised its shareholding.
In August 2017, the company had announced acquisition of 24 per cent in RentOnGo, a Bengaluru-based start-up operated by Condivision Solutions and an online marketplace for renting of motorcycles.
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