Published On:April 8 2017
Story Viewed 2355 Times
Smartron plans ₹1,500-cr investment to expand operations.
Smartron, a digital products company, is expanding its operations by investing ₹1,500 crore in the next two years.
“We have just closed a funding of ₹250 crore in March 2017. We are going to raise ₹600 crore this financial year to fund our expansion plans,” Mahesh Lingareddy, Founder and Chairman of Smartron, said.
The firm has closed the financial year 2016-17 with a revenue of ₹50 crore on its sales of smartphones and tablets. “We are targeting a turnover of ₹1,000 crore the financial year 2017-18 with increased line of products,” he said.
“We are going to set up a manufacturing facility in Hyderabad to manufacture smartphones, tablets, laptops, Internet of Things devices and electric vehicles. We will invest about ₹500 crore in the facility. It will also have a research and development centre,” he said.
Addressing a press conference after inaugurating new office space here on Friday, he said the firm would hire 300 employees this year to support its expansion plans. It would take the total to 500 employees.
The firm, which acquired Chennai-based electric vehicle company Volta Motors, will manufacture the vehicles at its proposed Hyderabad facility.
He signed a memorandum of understanding with the Telangana government to expand its operations in Hyderabad by setting up a manufacturing facility, an R&D centre and brining the government-promoted tech incubator T-Hub into is tronX (IoT) ecosystem.
The firm is also planning to set up a 20-acre datacentre to support the IoT product ecosystem that is building. It is likely to come up at the Datacentre complex that the Telangana government is planning to set up. “We will spend about ₹500 crore to build this datacentre in phases. It will help support the IoT ecosystem we are building,” he said.
Chip maker Intel had bought Mahesh Lingareddy’s maiden venture Soft Machines last year. The deal was rumoured to be at a size of about $250 million. Mahesh has started Smartron in stealth mode about two years ago in a 2,000-square ft space at Gachibowli with an aim to build a global digital products brand from India.