Argus plans to raise enough funds for acquiring control of all the shares of Tejovat that remain issued and outstanding as per the Purchase Agreement
Argus Worldwide Corp, a global portfolio management company, reported on Friday that it is going to enhance its investment in Indian consumer electronics startup, Tejovat Technologies PVT Ltd. The company is looking for a pie in the $9.6 billion global consumer electronics product market.
Argus also plans to raise enough funds for acquiring control of all the shares of Tejovat Technologies that remain issued and outstanding as per the Purchase Agreement inked earlier this year, the company said in a statement.
Rapidly expanding market
Speaking about the plans, Michael Wexler, Chairman and CEO, Argus, said, “The way we see it, we want to ensure that Tejovat will be a major player in the years ahead in a multi-billion-dollar revenue opportunity in the rapidly expanding market for smart home hardware and services. The Amazon’s acquisition earlier this year for $1 billion of US-based Ring, a supplier of video smart door bells, underscores the potential value added by companies in the Smart Home space.”
“It is clear that the consumer is looking for both convenience and security in their daily lives and companies like Amazon and others in the E-shop marketplace are seeking innovative ways of going that extra step for their customers in providing competitive services such as safe in-house delivery,” Wexler said.
To expand in international markets
Santosh Labade, Founder and President, Tejovat Technologies, said, “I am confident that the Tejovat line up of smart home products including Smart Wi-Fi Video Doorbell DP1000, Smart Wi-Fi Video Doorbell DF 1500, and 4 wire Video Doorphone DP 500 will offer major international markets a value proposition second to none. While our current activities are heavily India based, our plans for 2019 and beyond will take our high performance, price competitive smart home offering into major consumer markets in North America and Europe.”
In the third quarter of this year, Argus has completed purchasing of 40 per cent shares in the Indian start up and it is now anticipating that it will acquire the remaining shares before April 30 next year.
