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Electrical goods manufacturer Polycab India Ltd on Friday said it has acquired 100% stake in Silvan Innovation Labs Pvt Ltd.

Inder T Jaisinghani, chairman and managing director of Polycab, said in a stock market disclosure that the acquisition will be a fantastic addition to its internet of things (IoT) portfolio. The financial details of the transaction were not disclosed.

The acquisition also aligns with the company's strategy to address evolving consumer needs with new age innovative solutions, he added.

He also said that he believes that Silvan will play an important role in helping Polycab achieve its fast moving electrical goods (FMEG) aspiration under its Project Leap.

Silvan was founded in 2008 by Avinash Gautam, Giri Krishna, Mohan Gopalakrishna, and Ajay Gupta -- all former Texas Instruments executives. The startup creates IoT-based automation solutions for homes, offices and hotels.

Krishna, Gopalakrishna, and Gupta will be part of Polycab after the acquisition, it said. Bengaluru based Silvan has 17 patents, including filed and provisional.

In 2018, VCCircle reported that Silvan had raised Rs 4.5 crore (around $650,000) in a bridge round from equity crowdfunding platform 1Crowd and existing investor Infuse Ventures.

In 2019, media reports said that Silvan was one of the startups in which Samsung Venture Investment had invested.

Incorporated in 1996, Polycab manufactures electrical wires, cables and FMEG under the Polycab brand name. The company had gone public in 2019.

Last year, Polycab, which owned 50% stake in Ryker Base Pvt Ltd, said it will acquire the remaining 50% from Trafigura Pte Ltd in what appeared to be a premature end to its affiliation with its Singapore-based joint venture (JV) partner.

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