Hug Innnovations, a Hyderabad based startup that designs and develops its proprietary line of wearable devices, has announced that it has been acquired by one of India’s largest watchmaker, Titan Industries. The Tata Group owned watchmaker will use Hug Innovations as its Hyderabad development center.
Financials of the deal remain undisclosed. However, Hug Innovations founder Raj Neravati said in Facebook post, that this is a ‘cash positive exit’. Neravati says, “This is a cash positive exit with 100% employee retention with bonus and a great career ahead. I sign-off with this last post as an entrepreneur and join back the corporate world”.
In a detailed facebook post around the announcement, Neravati says the the company had never white-labeled and instead did its own manufacturing. It partnered with Foxconn, which has a plant in Bengaluru, for the same. The company also owns a North America patent for its gesture recognition tech on wearables. Neravati claims that the company had built a customer base of over 30,000 with average customer satisfaction ratings ranging between 4 and 5 (on 5).
Here is Neravati’s detailed Facebook post on the acquisition: