Hyderabad: In a major boost to the startup ecosystem in Telangana, Hyderabad-based next-generation wearable and IoT platform, Hug Innovations has been acquired by Titan. All the 23 employees of the startup will be retained and will become part of Titan’s Hyderabad Development Centre. They will work with Titan to further develop their wearable segment, in which Hug Innovations has expertise since 2014.
Hug Innovations has developed products in the Internet of Things (IoT) wearable space wherein its Hug Smartwatch can detect hand gestures to deploy various activities like make calls, raise safety alarms, and play music, among other things. The smartwatch also acts as a fitness tracker by providing calorie count, food intake and daily physical activity report.
The formal agreement for the acquihire was signed at the end of December and from January 1, all the employees of Hug Innovations became part of Titan’s development centre.
Without disclosing acquisition value, Hug Innovations founder Raj Shekhar Neravati said, “It is a cash positive acquisition and there has been no layoffs. We found a perfect synergy with Titan Company in terms of using their brand to further our wearable technology. And our expertise in the wearable space will help them grow their footprint in this sector.” Neravati has been appointed the AVP and Head of Technology for Wearables at Titan Company.
All the Intellectual Property Rights, Copyrights and Patents developed by Hug Innovations will now become part of the Titan Company. All the products that have been developed by Hug Innovations will now be sold under Titan’s brand name. “We will be looking at aggressively expanding the team here and are betting big on the wearable technology space,” said Neravati.