Tata Group’s Titan has invested close to $3-$5 million in wearable tech startup CoveIoT, reports The Economic Times. The publication reports that the startup will use capital for product development, as well as research, analytics etc.
CoveIoT is an end-to-end Internet of Things (IoT) wearables platform that enables brands to launch a range of smart products. Headquartered in Singapore, CoveIoT has offices in China, India, and Geneva.
Note that last year, Titan launched Titan Juxt, a series of smartwatches, which we found underwhelming. The watch lacked a touchscreen, so it’s not possible to directly interact with the device. The lack of any meaningful sensors other than for calculating steps makes the device a little more than a normal watch that can mirror your phone notifications. However, with this investment, it seems that Titan is looking to up its smartwatch game, as CoveIoT specializes in wearable IoT solutions across categories such as health, lifestyle, wellness, sports & fitness etc.
Smart Wearable space in India
The smartwatch segment is crowded with several players. The most popular smartwatches are Apple Watch, Samsung Galaxy Gear S3, GQii, Xiaomi, Garmin, Asus Zenwatch, etc. As on June 30 2017, GOQii held the first position in terms of wearable shipments in the country holding a 20.8% market share for the Q1 2017, according to research firm IDC’s Quarterly Wearable Tracker report. Xiaomi stood at second position in Q1 2017 with 10.1% market share in terms of shipments.
Mandatory Registration with Govt
Note that, The Ministry of Electronics and Information Technology (Meity) has added smartwatches, along with CCTV cameras and recorders, iris scanners, and optical fingerprint scanners among 13 new electronic products to the Electronics and Information Technology Goods (Requirement for Compulsory Registration) Order, 2012, making it compulsory for manufacturers of these products to meet standards as stipulated by the Indian government, and companies will also not be allowed to import any non-compliant product for sale in the country. This will come into effect from February 2018. The standard that is required to be followed in case of smartwatches and CCTV cameras are covered by the Information Technology Equipment – Safety General Requirements. Read it here.