The Electronics wing of Hero Group-Hero Electronix has taken over Zenatix which is an Internet of Things (IoT) based solutions provider.
Gurugram-based Zenatix specialises in IoT based solutions for hardware, software and machine learning platform which in turn analyses data from connected devices to deliver energy savings, predictive maintenance and consumer analytics.
Zenatix had earlier acquired $1.5 million from Investor Angels like Blume Ventures, Pi Ventures, Snapdeal founders Kunal Bahl and Rohit Bansal, and Google India MD Rajan Anandan.
“The company is leveraging India’s strengths in hardware and software to tap into the enterprise space. We are planning to invest Rs 300-400 crore to expand into the IoT space by 2020 through our own consumer brand that would be rolled out in the next one year and through Zenatix. We are targeting Rs 1,000 crore in revenue from our IoT business by 2022,” said Ujjwal Munjal, Founder Director of Hero Electronix.
The company has earlier acquired the India business of Germany-based electronics design services firm TES DST Holding Europe for an undisclosed amount.
“The company would explore synergies with Zenatix and accelerate their growth by leveraging related solutions in the Hero Electronics ecosystem like AI-driven video analytics and voice integrations,” said Nikhil Rajpal, CEO of Hero Electronix.