Apart from infusing fund in the company, the stake sale will give iRAM access to Inspira Enterprise’s sales force and established relation with government verticals in the Smart City space. iRAM will use this investment for new product development, feature enhancement in existing products, 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.
Globalization and liberalization of the Indian economy has enhanced economic and social growth. The dramatic shift of the 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 streetlighting market in India is expected to grow at an annual rate of 42.2 per cent to reach $1.8 billion by 2022 as adoption of LED and solar powered systems rise in the country. According to Infoholic Research, India's fast-developing public infrastructure -- demand for roads and highways, smart cities and smart homes -- is driving adoption of smart street-lighting. IoT-based solution will be effective in tracking the working and energy consumption of streetlights.
Smart parking solution help the vehicle user to find the nearest parking space. It provides information on the availability of parking slots in the parking area. As per P&S Market Research Private Limited, the global smart parking systems market is expected to witness a CAGR of 15.8% during the forecast period, to reach $4,800 million by 2023. 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 centers 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 formalize 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 & Managing Director, iRAM Technologies, said, “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 fillip to the growth strategies of iRAM and help us emerge as a key player in the smart city solutions space.”