15th December 2023, Calif.: Leading lifestyle company Titan Company announced that its subsidiary, TCL North America, has entered into an agreement to acquire a 10 percent stake in CueZen, a Delaware Corporation. Through a Series Seed Stock Purchase Agreement, TCL North America will subscribe to Series Seed Preferred Stock in the Common Stock, resulting in a fully diluted ownership of 10 percent in CueZen. The transaction is valued at $3.5 million and is expected to be completed by December 31, 2023. This investment is a strategic move for TCL North America to explore the potential technologies offered by CueZen in its smart wearable business.
In November, Titan Company, owned by Tata, reported a 9.7 percent YoY increase in net consolidated profit to Rs 916 crore during the September quarter of FY23-24. The company’s total consolidated income also grew by 37.17 percent to Rs 12,653 crore in the September quarter of FY24, compared to Rs 9,224 crore in Q2 FY2022-23.
Titan Company plans to achieve a total income of Rs 4,000 crore by the end of FY27 in wearable segment. Titan has expanded its smart wearable devices in 2023, introducing two segments – Titan Smart and Fastrack Smart. The Q1FY24 filings show that watches and wearables posted a total income of Rs 890 crore, a 13 percent increase compared to Q1 FY23, driven by a notable growth of 81 percent in the wearables segment. Titan’s investment in CueZen aligns with its drive to stay at the forefront of innovative technologies and strengthen its presence in the smart wearable market.
With this acquisition, Titan Company Limited is poised to leverage the opportunities and advancements brought by CueZen, contributing to its ongoing growth and success in the ever-evolving world of smart wearables.