The Hyderabad – based startup, Smartron on Tuesday (07/02/2017) announced that it will invest in the Chennai – based automotive company, Volta Motors. Volta Motors designs and produces durable electric – vehicles. The amount that Smartron will invest in Volta Motors is not yet known. This is one of the rare occasions where an Indian startup is investing on another Indian startup. Indian startups these days are struggling to get funds themselves. Hence, it is quite a surprise that an Indian startup is investing on another. This move will definitely increase the popularity of Indian startups in the global market. Read more on Investments
Volta Motors has so far, developed India’s first electric bike: Volta Zap. Using the funds secured through this investment, Volta Motors will scale up the development, manufacturing and commercialization of Volta Zap. Since, Smartron is an IoT company, Volta Motors plans to collaborate with Smartron in the near future to design, manufacture and commercialize IoT – enabled electric vehicles. If this is achieved, Volta Motor’s IoT enabled electric vehicles will revolutionize and modernize the way Indians commute. It will lead to a healthy and convenient lifestyle as no pollution is caused by electric vehicles.
“Our association with Volta illustrates the strategy that Smartron has pursued since its inception; that we need to be known as a company that is building a strong product ecosystem across IoT verticals from personal to health to home to energy to farming. Electric eco – friendly bikes powered by an IoT platform like Smartron’s TRONX will be an essential part of our range of smart products”, said Mahesh Lingareddy, founder and Chairman of Smartron India.
“We are excited to be a part of Smartron’s journey. We share similar synergies of bringing in smart and innovative products that are aligned to create an Indian brand that are recognized globally”, said Anoop Nishanth, CEO of Volta Motors.
Since Indian startups are struggling to raise funds themselves these days, it is quite remarkable that an Indian startup is investing on another. IoT is a technology that is gaining popularity these days. A lot of startups have been founded based on IoT technology. IoT is a network of objects, connected together which communicate with each other to increase the efficiency of the network as a whole. IoT enabled electric bikes could monitor the amount of charge left in the bike and tell the user, how many more kilometers he/she can travel in the bike, before needing to recharge among other conveniences they could provide. Hopefully, the collaboration between the two startups is successful and they roll out innovative products like these. This will definitely improve the stature of Indian brands in the global market. Read more on Startup News