India (Commonwealth) _ On Saturday, Maruti Suzuki India, revealed that it had purchased 6.44% of Amlgo Labs, a machine learning and artificial intelligence company. This firm helps businesses make data-driven decisions by working in the fields of artificial intelligence (AI), machine learning (ML), cloud engineering, and data analytics.
According to a statement from the automaker, Maruti Suzuki, the investment is being made through the Maruti Suzuki Innovation Fund, an endeavor to make strategic investments in businesses that demonstrate high levels of technical innovation.
The corporation has made two investments of this kind. It had previously made an investment in June 2022 in Sociograph Solutions. “By investing in Amlgo Labs, we will be able to significantly enhance the caliber of future models by utilizing cutting-edge
Hisashi Takeuchi, CEO and Managing Director of Maruti Suzuki India, stated that the company is “using advanced analytics and machine learning.” For INR 1.99 Cr (about $238K), automaker Maruti Suzuki has purchased a 6.44% share in artificial intelligence firm Amlgo Labs, located in Delhi NCR.
Maruti Suzuki would purchase 689 equity shares of Amlgo Labs at a premium of INR 28,985 per share, with a face value of INR 10. It is anticipated that the transaction would be finished by June of this year.
The automaker said that by acquiring a share in Amlgo Labs, it would be able to take advantage of the latter’s capabilities and use it to inform its choices using data.
Amlgo Labs is a data solutions firm that was founded in 2017 by Ajay Yadav. It offers complete technical implementation, consulting services, and support for machine learning, artificial intelligence, analytics, cloud, engineering, and reporting solutions.
In addition to Maruti Suzuki, Amlgo Labs’ clientele also consists of businesses like Macquarie, Instamart, Regcentric, and IDC Technologies. Its revenue for the fiscal year 2022–2023 (FY23) was INR 4.87 Cr, up from INR 2.98 Cr the year before.
Through its Maruti Suzuki Innovation Fund, which invests in companies, Maruti Suzuki made the investment in Amlgo Labs. This is the company’s second investment in a firm driven by artificial intelligence. For about INR 2 Cr. in 2022, it purchased a 12.5% share in Bengaluru-based AI Company Sociograph Solutions Pvt Ltd.
Hisashi Takeuchi, MD and CEO of Maruti Suzuki India, commented on the most recent purchase, saying, “As part of the Maruti Suzuki Innovation program, we have been working with startups since 2019.” We will be able to use machine learning and sophisticated analytics to significantly increase the quality of new models thanks to our investment in Amlgo Labs Private Limited.
Yadav stated that Maruti Suzuki’s acquisition of a share in the business will enable it to grow and enhance its product line.
Our partnership with Maruti Suzuki has been beneficial in expanding and growing our business. He said, “We will be able to further refine our offering by combining our expertise in data analytics, machine learning, and artificial intelligence-based solutions with mentorship and networking opportunities offered by Maruti Suzuki.”
The AI firm has received funding from Maruti Suzuki at a time when the nation’s GenAI industry is expanding quickly. Amlgo Labs’ fundraising effort is the fourth investment this month that an Indian AI-driven firm has successfully raised. The size of India’s GenAI market is predicted by Inc42 to increase at a CAGR of 48% from $1.1 billion in 2023 to $17 billion by 2030.
Additionally, the Indian government is now more committed to encouraging the use of AI models. Speaking at the “Startup Mahakumbh,” Prime Minister Narendra Modi declared recently that India will lead the global AI revolution. The Union Cabinet also authorized the IndiaAI Mission earlier this month, allocating INR 10,372 Cr for the next five years.
Maruti Suzuki India Limited, formerly known as Maruti Udyog Limited, is the Indian division of Suzuki Motor Corporation, a Japanese automobile manufacturer. The business led the Indian passenger vehicle industry with a 42 percent market share as of September 2022.
In February 1981, the Government of India founded Maruti Udyog Limited as a joint venture, with Suzuki Motor Corporation serving as a minor partner. In 2003, the Government of India withdrew from the business to a certain extent, and in 2007 it sold Suzuki Motor Corporation all of its remaining holdings. Maruti established its first manufacturing plant in Gurugram, Haryana, India, in 1982.
The United Front (India) alliance, which represents the Indian government, and Suzuki Motor Corporation had a joint venture Before Suzuki Motor Corporation acquired the majority interest, the joint venture was the subject of intense discussion in the Indian media. The foundation of most problems was this extremely successful joint company, which had an almost dominant trade in the Indian car industry, and the type of partnership that had been established up to that point.
Due to the joint venture’s performance, Suzuki increased its ownership from 26% in 1987 to 40% in 1987, 50% in 1992, and 56.21% in 2013.The venture partners agreed in 1982 that each managing director would serve a five-year term and that they would designate their own candidate for the position.
