Baring Private Equity Partners India has invested $10 million (Rs 82.7 crore) in the auto-focused Internet of Things (IoT) and artificial intelligence (AI) firm Intangles Lab Pvt. Ltd.
The Pune-based business intends to use the funds for employment across teams and geographic development.
“We are committed to expanding our market share in the commercial vehicle industry globally. We want to completely transform the electric vehicle market in the upcoming years. We are integrating car original equipment manufacturers into the direct market (OEMs). Co-founder and Intangles CEO Anup Patil announced that the company was also growing its staff.
Intangles, a company founded in 2016 by Patil, Neil Unadkat, Jayshri Patil, and Aman Singh, employs IoT and AI-based solutions to offer OEMs and fleet operators predictive vehicle health monitoring in addition to repair plans and suggestions to increase vehicle uptime and profitability.
Baring Private Equity Partners India, the primary investor in this round, is one of India’s first private equity funds and has 22 years of expertise investing in a variety of sectors. The company run by Rahul Bhasin was created by the Dutch financial services company ING as part of a global management buyout of various units, and it is independent of Baring Private Equity Asia.
Aditya Auto Products & Engineering India Pvt Ltd., a producer of specialized automobile parts, received an investment from the company for $12 million, according to VCCircle in 2021.
It had previously supported businesses such as drugmaker Indoco Remedies Ltd., non-bank lender Muthoot Finance Ltd., and producers of consumer products Marico Ltd. and Dabur India Ltd.
The IoT market in India has been attracting investment for the past few years. Internet of things platform str8bat, based in Bangalore, received an undisclosed sum in a bridge round from SucSeed Innovation Fund, Dholakia Ventures, and other angel investors last month. In 2022, Mela Ventures led a pre-Series A fundraising round in which Intugine Technologies Pvt. Ltd. raised Rs 19 crore.
