Hosur-based two-wheeler giant, TVS Motor Company has announced that it has invested $3.85 million (around ? 26.69 crore) in TagBox, a supply chain IIoT and Machine Learning platform company 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. The new investment in TagBox is part of the initial set of investments being made in strategically relevant digital start-ups, according to the company. Back in 2017, TVS announced purchased a 15 per cent stake in electric vehicle start-up Ultraviolette Automotive.
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."
Speaking on the new investment from TVS, 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."
The new funds will be used by TagBox to strengthen product innovation and R&D, while expanding its global footprint. The company will continue to invest in their BoxLens and AssetLens platforms and develop new predictive analytics and automation solutions to solve various customer use cases.