TVS Motor Company on Thursday announced that it has invested $3.85 million (approx Rs 26.69 crore) in TagBox, a supply chain IIoT and Machine Learning platform. It is to be noted that the investment has been done by a Hosur-based two-wheeler giant as part of its Series A funding round.
The company further stated that this round was completely led by TVS and its Singapore-based subsidiary TVS Motor (Singapore) Pte Limited. According to the company, the new investment in TagBox is part of the initial set of investments being made in strategically relevant digital start-ups.
Speaking on the investment, Rajesh Narasimhan, Board Member of TVS Motor Company and CEO of TVS Motor (Singapore) said, "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 organizations 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," he added.
On the other hand, TagBox CEO Adarsh Kumar said, "Organizations 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. 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," he said on the new investment from TVS.
Importantly, the investment from TVS will be used by TagBox to strengthen product innovation and R&D, while expanding its global footprint. TagBox will also invest in BoxLens and AssetLens platforms and develop new predictive analytics and automation solutions to solve various customer use cases.
In the year 2017, TVS had announced it had purchased 15 per cent stake in electric vehicle start-up Ultraviolette Automotive.