Titan, a leading Indian diversified watchmaker, has acquired HUG Innovations, the Hyderabad-based wearable, and IoT platform startup. This acquisition is part of the company’s strategy to focus on the fast-growing wearable market.
HUG Innovations is transformed into Titan's Hyderabad Development Centre. HUG Innovations’ 23-member team will form the Hyderabad Development Centre and help with its expertise in hardware, firmware, software, and cloud technology.
Raj Neravati, Founder of HUG Innovations, said, “HUG Innovations has finally sailed to a safe harbor. Titan acquired HUG Innovations. And yes this is a cash positive exit with 100 per cent employee retention with bonus and a great career ahead.”
With this acquisition, Titan gets access to HUG Innovations’ consumer platform. IP. Raj Neravati, Founder of HUG Innovations, has been hired as the AVP and Head of technology for wearables, Titan Company.
S Ravi Kant, CEO, watches and wearables business, Titan Company, stated, “We want to move from devices and hardware to developing a complete connected ecosystem. We want to engage with customers not just till the purchase of a Titan product but continue to engage after the purchase. We want to move away from a number of units sold, to monthly active engagements with customers.”
The company plans to come up with 4-5 products in the wearable segment every year and is also open to more acquisitions in the future.
“Earlier, we worked with partners like HP and Intel to launch smartwatches and worked with a few start-ups to launch a smart band. We are also working very closely with a company in Singapore to develop some of our products. But now, with the acquisition of HUG Innovations, we believe the time has come to develop tech capability inhouse,” Kant added.