Hero Electronix, a Hero Group company, has acquired Gurgaon-based Zenatix, an enterprise focused internet-of-things (IoT) solutions company. The details of the financial transaction in the deal are not available at this time.
With this acquisition the hero Group firm formally announced its entry to IoT business. The company is targeting to garner revenues of Rs 1000 crore from IoT business by 2022. In order to achieve this, the firm will be investing around Rs 300 to Rs 400 crore by 2020 and would be deploying around 1,00,000 people who would look after its businesses across verticals like retail, banking, F&B and hospitality, reports TeleAnalysis.
Zenatix, the firm that Hero Electronix acquired, was set up in 2013 by some IIT-Delhi engineers and offer cloud based enterprise IoT solutions for above mentioned industries. Zenatix’s current customers include banks,ATM management companies, retail chains and QSR outlets. They help improve efficiency and control in their operations and enhance customer experience. Leveraging its advanced Machine Learning (ML) based model, Zenatix analyses over 10 million data points every hour and deliver significant value in areas such as predictive maintenance and consumer experience analytics.
“We spoke to over 100 companies in the IoT space over the last year and chose to partner with Zenatix as we believe they are uniquely positioned. They are one of the few companies in IoT who have a very strong proprietary solution and have demonstrated scale with over 1,500 deployments across the country. We believe we can meaningfully accelerate their growth by leveraging related solutions in the Hero Electronics ecosystem like AI driven video analytics, voice integrations and multiple product platforms that can be very relevant to their clients,” Nikhil Rajpal, CEO, Hero Electronix.
With this acquisition, Hero Electronix has rapidly expanded into the IoT space, helping enterprises tackle business challenges through the deployment of connected-devices. Founded in 2013 by IIT-Delhi engineers, Zenatix has built its own proprietary IoT stack, which includes hardware, cloud-based software and big-data analytics.
Launched in 2013 by IIT-Delhi alumni, Amarjeet Singh, Rahul Bhalla and Vishal Bansal, Zenatix’ solutions enable customers connect their physical assets (e.g., ACs, refrigeration, lighting, ATM machines, DVRs) over the Internet so that these assets can be controlled and monitored centrally in an automated fashion. The solution thus delivers energy efficiency and business compliance for its BFSI and retail customers. Additionally, it helps customers identify inefficient equipment that either leads to inflated power consumption or may break down soon. Zenatix primarily works with banks with a minimum 1,000 branches and large retail chains with at least 100 stores.
Hero Electronix’s past investments include Tessolve, a leading semiconductor; 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.