Gaia Smart Cities acquires Netcoreâ€™s IoT division
June 16, 2016
Gaia Smart Cities, a start-up in the field of city scale IoT technology, has acquired the IoT division of fellow Indian company Netcore, which claims to be India’s leading marketing technology company. In return, Netcore will invest in Gaia during this period.
This acquisition will create a technology and innovation enterprise that aims to exploit the government of India’s Make-in-India and Digital India programmes supporting Indian companies to build intellectual property and design electronics, software and telecommunications.
With this acquisition, Gaia is poised to become a fast growing end-to-end IoT company with products for both industrial automation and smart cities. The acquisition should generate multiple pro-consumer and pro-competitive benefits to existing marquee customers such as India’s largest dairy companies Amul, Paras and Parag Dairies as well as cement company ACC Cement, beverages company Penrod Ricard and many cold chains, warehouses and retail stores across the country. Gaia has services running in 24 paying customers and pilots across another ten, coupled with product customers in smart metering, smart cities and analytics.
“We were drawn towards the strong technical team, a robust technical platform and extremely focused approach of the Netcore IoT team”, said Sumit Chowdhury, the founder and CEO of Gaia Smart Cities. “We found great synergies with our own smart cities platforms and solutions like smart metering and smart tracking.”
The rebranded and upgraded cloud-based platform Insight developed by Netcore will further enhance the capability of the enterprises to deploy IoT sensors and gadgets to increase their visibility of plant and machinery performance, warehouse and logistics performance, and retail store performance condition monitoring. Combined with the right predictive analytics and machine learning products that Gaia is building, it is inclined to bring in significant insight and business benefit to the customers. These can be easily adapted to support cities in their journey to become more measurable and transparent and thus smart.
“We continue to believe in the potential of IoT and smart cities and have found that the leadership and ideas of Gaia are better and can be aligned to grow this business and support the customers that we already have,” said Rajesh Jain, founder and managing director of Netcore Solutions. “We will continue to stay invested with Gaia as the country moves ahead with its various smart cities and demand for the solutions developed across the world.”
Nine Rivers Capital Advisors acted as the sole financial advisor to the transaction.
“As part of our technology and digital practice, we are very upbeat about rapid adoption of IoT solutions within the country,” said Nimesh Shah, managing director and co-founder of Nine Rivers Capital. “We see a big synergy in Gaia Smart Cities scaling up what Netcore started as a pioneering effort two years back.”
Established in 2015 by Chowdhury and co-founder Bipin Pradeep Kumar, Gaia Smart Cities’ cloud based product portfolio includes smart metering-as-a-service, smart asset tracking-as-a-service and smart industrial automation as a service. In addition, Gaia’s consulting team is engaged in developing smart city plans for seven out of the 33 winning cities under the 100 Smart Cities Mission by the government of India.
Established in 1998, Netcore has a digital marketing suite that includes promotional and transactional email marketing, mobile marketing and marketing automation. Its enterprise communications suite includes on premise and on-cloud messaging as well as archiving. Netcore is headquartered in Mumbai with an international presence and has an employee base of more than 400 spread across eight locations.