India smart devices producer Smartron raises $200m
Smartron, an India-focused smart devices brand backed by cricket legend Sachin Tendulkar, has received USD 200m in funding from Global Emerging Markets Group (GEM).
GEM, a USD 3.4bn alternative investment manager with operations in Paris, New York, and the Bahamas, has provided a share subscription facility that Smartron can draw upon. The company will use the capital to support continued growth ahead of a potential IPO, according to a statement.
Founded in 2014 and headquartered in Hyderabad, Smartron has ambitions to become India’s first global technology original equipment manufacturer (OEM) and internet-of-things (IoT) brand. Its product portfolio includes smart phones, laptops, wearables, e-bikes, and IoT modules. These are powered by an in-house AIoT software platform that combines artificial intelligence and IoT.
Over the next five years, the company plans to focus on smart home devices, smart infrastructure, electric vehicles (EV), and energy transition. In addition to producing its own hardware, Smartron offers engineering and manufacturing as a service to third parties looking to deliver 5G, AIoT, EV, and robotics solutions. The AIoT platform – known as tronX – is also available as a B2B service.
“Smartron is uniquely positioned to benefit from huge opportunities across the Indo-US corridor thanks to the ongoing global supply chain challenges and (re)alignments,” the statement added.
The company was established by Mahesh Lingareddy, a US-based entrepreneur of Indian origin who previously founded and led Silicon Valley chip designer Soft Machines. He exited the business to Intel in 2016.
Tendulkar invested in Smartron the same year when the company was still operating in stealth mode, and he became a brand ambassador. Smartron announced its first set of products – a smartphone and a 2-in-1 laptop – in May 2016.
GEM manages a family of funds and investment vehicles across small to midcap buyouts, PIPEs, and venture capital that offer different risk-adjusted return and liquidity profiles.
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