Engineering Limited, a global Tier 1 auto component manufacturer, has agreed to
acquire 74% stake in the Pune-based CarIQ Technologies, a leading integrated
connected vehicle solution provider to OEMs, fleet owners and insurance
is one of the few Indian tech start-ups that pioneered technology solutions for
connected mobility. CarIQ’s proprietary solution is a seamless combination of
hardware, software and IoT platform that enables safer driving, optimising
uptime and personal and commercial mobility. Its data analytics platform helps
gather engineering data from a car into useful format for vehicle users, OEMs,
fleet owners and Insurance Companies. CarIQ platforms have so far analysed
driving patterns for more than 90 million+ kms spread across 50,000+ drivers.
transaction will complement Varroc’s connected vehicle product offerings such
as instrument clusters, telematic devices and other data based analytical
Jain, President – Electrical & Electronics business at Varroc said on the
occasion, “Varroc’s direction, even in a softer market, is to drive growth by
leveraging automotive trends that will remain constant, trends like the desire
to be greener, safer, smarter and more connected. We see our collaboration with
CarIQ and the capabilities we will build together and share as a crucial part
of both our current and future product strategy”
Apte (CEO, CarIQ) and Hrishikesh Nene (CTO, CarIQ) added “This partnership
opens new possibilities for our customers and partners who trust us to build
scalable enterprise grade solutions. Together with Varroc, we have ambitious
plans to bring affordable and meaningful solutions for the automotive space in
India and abroad”
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