Titan Company announced on Friday that its subsidiary, TCL North America, has inked an agreement to acquire a 10 per cent stake in CueZen, a Delaware Corporation. In a regulatory filing, the company stated, “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, resulting in TCL NA holding 10 per cent in CueZen on a fully diluted basis.”
The acquisition cost for the 10 per cent stake in CueZen amounts to USD 3.5 million and is slated for completion by 31 December 2023. TCL North America views this as a strategic investment, aiming to explore CueZen’s technological potential in Titan Company’s smart wearable business.
Notably, Titan Company had reported a 9.7 per cent year-on-year increase in its net consolidated profit to Rs 916 crore during the September quarter of FY23-24. The company’s total consolidated income surged by 37.17 per cent to Rs 12,653 crore in the same period, compared to Rs 9,224 crore reported in Q2 FY2022-23.
Adithya Raj, sales and marketing head of the wearables division at Titan Company, previously disclosed plans for the company to reach a total income of Rs 4,000 crore by the end of FY27. As per its Q1FY24 filings, the watches and wearables segment posted a total income of Rs 890 crore, marking a 13 per cent increase compared to Q1 FY23, buoyed by an impressive 81 per cent growth in the wearables segment.
