Technology company Smartron today said it will raise up to Rs 250 crore more and plans to more than double its workforce over the next 18 months.
Smartron, a Hyderabad-based start-up today celebrated its first anniversary of the public launch and introduction of tbook, tphone, and ttab devices and tronxIoT platform.
The day also marked the expansion of the R&D and other operations with the opening of the new corporate headquarters located in Gachibowli here, which was inaugurated by Telangana’s IT Minister K Taraka Rama Rao.
Smartron Founder and Chairman Mahesh Lingareddy said “this expansion is a step towards building a stronger base to support the R&D and innovation to create a smart product ecosystem.”
Smartron, in the last two years, went from inception to 200 plus team, raised over Rs 100 core investment capital, launched three devices and clocked Rs 50 crore plus revenues in its first fiscal, a company statement said.
Smartron, over the next 18 months, intends to more than double its workforce and capital spend, Lingareddy said adding “we will raise another Rs 250 crore and launch eight more products.”
The company joined hands with Telangana government and signed a comprehensive Memorandum of Understanding (MoU) and agreed to expanding Corporate Headquarters and its R&D center, setting up a mega data center server farm, bringing T-Hub onto tronX ecosystem to support innovation and manufacturing not just handsets but a range of smart devices, sensors, systems and vehicles, it said.
Lingareddy further said, “this office expansion and MoU signing is a step closer towards making Smartron a global product technology brand based out of India. We will continue to build an innovation led ecosystem through tronX, an AI powered IoT ecosystem and have an aggressive roadmap of products and services in the next one year.”
With more than 50 patents already filed, Smartron is innovating and investing in variety of smart, sensor, robotics, big data, artificial intelligence and UI/UX technologies.