MiQasa, a Hyderabad-based startup which designs smart home technology has sold a 70 percent stake of the 25-person company to Smartron. Founded in 2014, Smartron, based in Hyderabad is an Internet of Things (IoT) company.

Since its founding in April 2015, MiQasa has produced a variety of technology-based products for smart homes including smart switches, locks, cameras, lights, smart switchboards that can fit into the users’ previous system, controls, and appliances for automated features in the home. “The deal will help us build TronX Things as a core part of the TronX ecosystem and tronify homes across India for smarter living,” Mahesh Lingareddy, Founder and Chairman of Smartron told The Times of India.

With the company bringing in revenue worth crores, Lingareddy acknowledged the deal was
valued at a few million dollars. According to Lingareddy, the purchase moves the company toward their bigger goal of infiltrating the market in India for technologies built for smart homes through its own brands, T-Home and T-Things. MiQasa, after being acquired by Smartron will be renamed TronX Things.

“The founding vision of Smartron is to build an India based global brand in technology away from services and human trafficking kind of thing,” Lingareddy said. “We have built an ecosystem around TronX and over the next 2-3 years we want to build this into actual volume, revenue and profitability and that requires additional capital.” The company plans on having a presence in the industry within the country by the first quarter of next year with an end goal of creating a universal solution for automating every aspect of home life using artificial intelligence.

Having generated revenues worth $10 million in the 2017 financial year, the company has invested close to Rs 200 crore and plans to continue into setting up Research and Development, releasing more products and pursuing collaborations to produce products, according to Lingareddy. Smartron has raised $30 million to date and is aiming to double its 350-person team in the next year in areas such as Hyderabad, Bengaluru and Chennai.

“We need a couple of $100 million over the next year or so. We hope to raise $30-50 million in the first quarter, primarily from overseas investors, for our smart home offerings rollout,” Lingareddy said.
Smartron hopes the 2018 financial year will bring in revenues worth $50 million and hopes to raise $200 million in foreign investments over the next few years.

The company, which sees Sachin Tendulkar, a famous former cricketer on the Indian cricket team, as a stakeholder has plans for international expansion into the Middle East with a marketing joint venture and Hong Kong/China for manufacturing purposes.

(Picture courtesy: MiQasa)