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Mumbai-based internet devices firm Gaia Smart Cities has acquired IoT business of communications service provider Netcore in an equity deal.
Sumit D Chowdhury, founder & CEO of Gaia Smart Cities said, “Gaia will get ownership of Netcore’s IoT business and Netcore will invest in Gaia. The acquisition will also give about fourfold jump in number of customers.”
Gaia Smart Cities was founded by Sumit Chowdhury and Bipin Pradeep Kumar in 2015. The company provides internet of things solution like remote access to water meter, gas meter, asset tracking. Recently, it also worked with Delhi government on water meter project providing water bill reading on mobile phones.
Netcore operates in providing communication technology to business organisations.
The development was first reported by ET.
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