Titan Company Limited on Friday said that its subsidiary TCL North America has signed an agreement to acquire 10 per cent holding in CueZen, a Delaware Corporation. “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 per cent in CueZen on a fully diluted basis,” the company said in a regulatory filing.
TCL North America said that the cost for the acquisition of 10 per cent holding in CueZen is $3.5 million and it will be completed by December 31, 2023. “This is a strategic investment to explore the potential technologies offered by CueZen in the Company’s smart wearable business,” it said.
During an interaction with FinancialExpress.com earlier, Adithya Raj, sales and marketing head wearables division, Titan Company Limited, had said that the company which has expanded its smart wearable devices in 2023 with the introduction of two segments under the smart wearable division – Titan Smart and Fastrack Smart, plans to clock a total income of Rs 4,000 crore by end of FY27. Per its Q1FY24 filings, its watches and wearables posted a total income of Rs 890 crore, up 13 per cent as compared to Q1,FY23, backed by a strong growth of 81 per cent in the wearables segment.