Inspira Enterprise picks up significant stake in iRAM Technologies
Inspira Enterprise has announced its partnership with iRAM Technologies, specialised in smart street lighting and parking solutions based on the Internet of Things to develop convergent solutions for India’s smart cities.
Apart from infusing funds in the company, the stake sale will give iRAM access to Inspira Enterprise’s sales force and established relations with government verticals in the smart city space. iRAM will use this investment for new product development, feature enhancement in existing products, to build on their R&D and hire new talent. Also, Vishal Jain, director, Inspira Enterprise, will join the board of iRAM, bringing with him his insights and expertise in large strategic business deals.
Globalisation and liberalisation of the Indian economy has enhanced economic and social growth. The dramatic shift of India’s rural population into urban areas is causing issues like overpopulation and strained infrastructure, thus affecting quality of life. These issues have encouraged citizens, city planners, businesses and governments to develop smart cities.
The smart street lighting market in India is expected to grow at an annual rate of 42.2% to reach $1.8 billion by 2022 as adoption of LED and solar-powered systems rise in the country. Smart parking solutions help the vehicle user to find the nearest parking space. It provides information on the availability of parking slots in the parking area. The smart parking systems reduces carbon dioxide (CO2) emissions by bringing a plummet in search for vacant parking slots by car owners and traffic congestions.
India is leveraging the disruptive technologies to develop new smart cities and transform existing ones, thus unleashing their true potential as centres of opportunity.
“Inspira is on a mission to help its clients with their digital transformation. Since every expertise cannot be home grown, we collaborate with best talents and complement each other’s strengths to offer the best to our clients. We are very excited to formalise our relationship with iRAM. We strongly believe our collaboration with iRAM will open new doors of innovation and opportunity. Inspira will leverage products, solutions and capabilities of iRAM to deliver cost-effective and efficient citizen services to urban and rural communities,” says Manoj Kanodia, CEO, Inspira Enterprise.
Udaya Bhaskar Rao Abburu, CEO & MD, iRAM Technologies, states, “This investment is significant for iRAM Technologies, as besides infusing fresh funds in the company, it will give us access to Inspira’s well entrenched sales team and their existing relations with government agencies. This is a strategic move that will give a fillip to the growth strategies of iRAM and help us emerge as a key player in the smart city solutions space.”