A deal to purchase a 10% stake in CueZen, a Delaware Corporation, was announced by Titan Company Limited’s subsidiary TCL North America on Friday. We would like to notify you that TCL North America Inc., a wholly owned subsidiary of the company, has signed a Series Seed Stock Purchase Agreement with CueZen, Inc., a Delaware Corporation, (CueZen), for the subscription of Series Seed Preferred Stock in the Common Stock. As a result, TCL NA would hold 10% of CueZen on a fully diluted basis, the company stated in a regulatory filing.
TCL North America stated that the acquisition of a ten percent stake in CueZen will come with a $3.5 million price tag and be finished by December 31, 2023. According to the statement, “this is a strategic investment to explore the potential technologies offered by CueZen in the Company’s smart wearable business.”
Earlier in November, the Tata-owned Titan Company said that its net consolidated profit for the September quarter of FY23–24 increased by 9.7% YoY to Rs.916 crore. From Rs.9,224 crore recorded in Q2 FY2022-23, to Rs.12,653 in the September quarter of FY24, the company’s total consolidated income climbed by 37.17%.
In a previous interview with FinancialExpress.com, Adithya Raj, head of sales and marketing for Titan Company Limited’s wearables division, stated that the company aims to generate a total revenue of Rs 4,000 crore by the end of FY27. Titan Company Limited has expanded its line of smart wearable devices in 2023 with the launch of 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.
