Titan Company Limited said on Friday that it has entered into an agreement to purchase a 10% stake in CueZen, a Delaware Corporation, through its subsidiary TCL North America. According to a regulatory filing from the company, "This is to inform you that TCL North America Inc., a wholly owned subsidiary of the Company, has today signed a Series Seed Stock Purchase Agreement with CueZen, Inc., a Delaware Corporation, (CueZen), for subscription of Series Seed Preferred Stock in the Common Stock, which would result in TCL NA holding 10% in CueZen on a fully diluted basis."
According to TCL North America, the acquisition of a ten percent stake in CueZen will cost $3.5 million and be finished by December 31, 2023. This investment is intended to investigate the potential technologies that CueZen offers for the company's smart wearable business, as said in the statement.
Titan Company, which is owned by Tata, said earlier in November that its net consolidated profit for the September quarter of FY23–24 increased by 9.7% YoY to Rs 916 crore. Compared to Rs 9,224 crore recorded in Q2 FY2022-23, the company's total consolidated income climbed by 37.17% to Rs 12,653 in the September quarter of FY24.
In a previous interview with FinancialExpress.com, Adithya Raj, head of sales and marketing for Titan Company Limited's wearables division, it was stated that the company aims to generate a total revenue of Rs 4,000 crore by the end of FY27. Titan Company Limited expanded its line of smart wearable devices in 2023 by launching two new segments: Titan Smart and Fastrack Smart. According to its Q1FY24 filings, the company's watches and wearables reported a total income of Rs 890 crore, up 13% from Q1, FY23. This rise was driven primarily by an 81% increase in the wearables segment.
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