Hero Electronix, the electronics and technology venture of the Hero Group, on Tuesday forayed into the Internet of Things (IoT) space with the acquisition of Gurugram-based Zenatix for an undisclosed amount.
Founded in 2013 by Indian Institutes of Technology (IIT)-Delhi engineers, Zenatix has built its own proprietary IoT stack, which includes hardware, cloud-based software and big-data analytics.
“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 aims of the company is to help address business challenges in retail, hospitality and logistics verticals through the deployment of IoT and emerging technologies, Hero Electronix CEO Nikhil Rajpal said.
“Also, Hero Electronix plans to widen the reach of Zenatix by foraying into global markets – countries such as south east Asia with similar challenges as the India market,” he added.
Hero Electronix had earlier invested in Tessolve, Malaysia's Spectrum Integrated Technologies SdnBhd 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 manufacturer of digital set-top boxes in the country.
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