Maruti Suzuki takes up stake in machine learning & artificial intelligente-based startup

Maruti Suzuki India Limited has announced investment of over Rs. 1.99 crore in AmIgo Labs Private Limited, a technology-led startup. The startup operates in the area of data analytics, cloud engineering, Machine Learning (ML) and Artificial Intelligence (AI), to assist companies in datadriven decision making. With this, Maruti Suzuki will own an equity stake of over 6.44% in the startup.

The investment is being made through the Maruti Suzuki Innovation Fund, an initiative to undertake strategic investments in startups which exhibit high levels of technological innovation.

This is the second such investment by the Company. Earlier to this, the Company invested in Sociograph Solutions Private Limited in June 2022.

Mr. Hisashi Takeuchi, Managing Director & CEO, Maruti Suzuki India Limited said, "We have been working with startups since 2019, as a part of the Maruti Suzuki Innovation program. Aligned with the Government's #StartUpIndia initiative, we are actively working to help strengthen the startup ecosystem and encourage innovation to develop solutions relevant to the automobile industry. Our investment in Amlgo Labs Private Limited will help us to further strengthen quality of new models, using advanced analytics and machine learning."

Mr. Ajay Yadav, Founder, AmIgo Labs Private Limited said, "Our collaboration with Maruti Suzuki has proven to be fruitful, helping our company augment and scale up operations. Combining our expertise in Data Analytics, Machine Learning and Artificial Intelligence based solutions, with mentorship and networking opportunities offered by Maruti Suzuki, we will be able to further refine our offering."

Shares of Maruti Suzuki India Limited was last trading in BSE at Rs. 12336.20 as compared to the previous close of Rs. 11913.80. The total number of shares traded during the day was 26854 in over 8184 trades.

The stock hit an intraday high of Rs. 12423.45 and intraday low of 11900.45. The net turnover during the day was Rs. 329023380.00.

Source : Equity Bulls

Keywords

MarutiSuzukiIndia INE585B01010 StakeAcquisition AmIgoLabs