Hyderabad, Nov 25 (SocialNews.XYZ) Volty IoT Solutions, India's largest manufacturer of GPS and IoT devices, on Monday announced its plans to set up a manufacturing plant in Andhra Pradesh with an investment of R .50 crore and also to raise $5 million next year.
The plant, to come up near Mangalagiri and expected to become operational in July next year, will have a manufacturing capacity of 2,000 devices per day. Volty CEO Konark Chukkapally told a news conference here on Monday that this will take the overall production capacity of the company to 3,000 devices per day.
The new plant will be a dedicated facility to manufacture AIS 140 GPS devices and the company is bullish on capturing the growing local market opportunities in sand and mineral mining and passenger safety devices in all public transport vehicles.
Volty's Hyderabad plant is certified by International Centre for Automotive Technology (ICAT) for manufacturing TranSync AIS 140 devices.
The AIS 140 (Automotive Industry Standard 140) is a set of standards published by Automotive Research Association of India (ARAI) for vehicle tracking systems. The government has mandated these requirements to be put into place in all public transportation systems.
"Our R&D team has been working on the AIS 140 product for last three years and we are one of the first certified manufacturer and only manufacturer from Andhra Pradesh Telangana," Chukkapally said.
Hyderabad-headquartered Volty,which has offices in the US, Delhi and Vijayawada, has so far sold more than two lakh devices of various models in India and overseas market. During the current financial year it has sold 70,000 devices and expect to double the sales by the end of financial year.
The company, which raised $2 million two years ago, plans to raise another $5 million by April-May next year to establish new plant in Andhra and expand overseas.
It plans to invest Rs 50 crore in Andhra plant over next three years and create 400 to 500 jobs.
Volty, which currently has 200 employees, is aiming at Rs 100 crore turnover during the current financial year against Rs 20 crore during the previous year. "We are confident of Rs 200 to 300 crore revenues in 2021-22 and 2022-23," the CEO said.
He said the company was officially empaneled in states like Andhra Pradesh, Kerala, Delhi, Punjab, Maharashtra, Uttarakhand, Chattisgarh, Jharkhand and Jammu and Kashmir.
Source: IANS
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