Minda Corp gains on technology license agreement with LocoNav India

22 Nov 2022 , 02:59 PM

Founded in 2015, LocoNav is an AI-driven full-stack technology company of Indian origin which provides its customers with telematics software, subscriptions and telematics devices including but not limited to global positioning system devices, dashcam devices and fuel sensor devices. The company holds expertise in integrated vehicle management with aim to make smooth fleet operations accessible to every business. Spark Minda will integrate LocoNav developed software with its inhouse developed telematic devices to provide OEMs with a complete solution. This exclusive collaboration will enable Spark Minda to be ahead of technology curve with customised solutions to suit Indian OEMs. As part of the alliance, LocoNav will be the technology partner for telematic systems to Spark Minda and shall provide with white labelled software. LocoNav would also assist Spark Minda in software customizations and other support from time to time and provide mobile application user interface. Aakash Minda, executive director – Minda Corporation said: ?Connectivity of vehicles is one of the major trends in the automotive industry and a complete telematics solution lies at the heart of this mega trend. We at Spark Minda have taken a step forward to provide Indian OEMs with locally developed telematics solutions (using locally made hardware and software), which would ensure 24*7 connectivity of the vehicles. We believe the partnership with LocoNav will help us strengthen our existing relationship with the leading OEMs by integrating LocoNavs proprietary telematics software into Spark Minda devices making us ?a complete mobility solution provider?. This will also help us expand our product portfolio with existing customers and acquire new customers.? Minda Corporation is one of the leading automotive component manufacturing companies in India with a pan-India presence and significant international footprint. The company has a diversified product portfolio that encompasses mechatronics; information and connected systems and plastic and interior for auto OEMs. These products cater to 2/3 wheelers, passenger vehicles, commercial vehicles, off-roaders and after-market. The company has a diversified customer base including Indian and global original equipment manufacturers and Tier-1 customers. The company reported 48% rise in consolidated net profit to Rs 57.81 crore on a 56.86% rise in sales to Rs 1147.06 crore in Q2 FY23 over Q2 FY22. Powered by Capital Market – Live News