TVS Motor Company invests USD 3.85mn in TagBox, funds to support R&D, product innovation and global expansion
Chennai based motorcycle manufacturer TVS Motor Company has announced an investment of USD 3.85mn (approximately Rs 26.90 crore) in a start-up company called TagBox. They deal in Internet of Things (IoT) based monitoring, advanced analytics and automation and control to make supply chains more reliable. The investment by TVS in the company comes in the form of Series A funding round which was led by TVS Motor Company Limited and its Singapore based subsidiary, TVS Motor (Singapore) Pte. Limited. TagBox plans to use the funds to strengthen product innovation and R&D while expanding its global footprint. TagBox will continue to invest in their BoxLens and AssetLens platforms and develop new predictive analytics and automation solutions to solve various customer use cases.
"We evaluated many companies providing IoT solutions in the Supply Chain and logistics space and found TagBox's product offerings and solutions to be an unique blend of IoT, Machine Learning and close-loop AI. Their ability to help organisations monitor, predict and prevent SKU health risk in the supply chain is a clear differentiator. We are happy to invest in and strategically partner TagBox as they continue to pursue bottomline impact for Fortune 1000 companies by improving their supply chain processes while leveraging them for our own group businesses. Our current investment in Tagbox is part of the initial set of investments being made in strategically relevant digital startups," commented, Rajesh Narasimhan, Board Member of TVS Motor Company and CEO of TVS Motor (Singapore)
"Organisations across the globe are increasingly adopting IoT and Machine Learning solutions to improve their supply chains and operations. We are excited that TVS Motor's worldwide operations and experiences will help make our product and value proposition stronger and highly differentiated", said Adarsh Kumar, CEO of TagBox. Adarsh further added, "We have already delivered ROI from our IoT based predictive insights solutions for leading Retail, E-commerce, Pharma, F&B, Dairy and Manufacturing companies in India and APAC. We believe it is now time to scale our product globally." TagBox aims to cost-effectively and reliably tag any supply chain shipment or asset at the highest level of granularity, monitor its health real time and using predictive insights ensure that the products' quality is not compromised. TagBox has been recognised by Nasscom, SAP and Qualcomm.