Sona BLW Precision Forgings Ltd (Sona Comstar), a global provider of automotive technology solutions, has signed an agreement to acquire a 54 percent equity stake in NOVELIC, a Serbia-based company founded in 2012 and a provider of mmWave radar sensors, perception solutions and full-stack embedded systems.

The equity stake will be acquired for €40.5 million through a combination of primary and secondary purchases with a staggered payment structure in the ratio of 60:20:20 at closing, 12 months and 24 months, respectively. Sona Comstar states that the transaction values NOVELIC at an enterprise value (EV) of €64.5 million on a pre-money basis and €75 million on a post-money basis, with an implied valuation multiple of 26 times CY22 Estimated PAT. The transaction is expected to close by the end of Q4 FY23 and is subject to customary closing conditions.

Sona Comstar claims that the acquisition is expected to be EPS accretive for it from the first year and offers strong growth opportunities over the medium term. The acquisition of NOVELIC is accretive to Sona Comstar's management bandwidth, given a shared cultural commitment to innovation, technology and profitability, states the automotive technology solutions provider.

In line with its strategic roadmap, Sona Comstar is foraying into the ADAS sensor market. With the acquisition, Sona Comstar states that it has started building its third business vertical of ADAS sensors and software to address the megatrends of increasing vehicle autonomy and automation.

According to Sona Comstar, NOVELIC's mmWave radar technology is the best solution for in-cabin sensing due to its high accuracy, lower cost and privacy protection of occupants' privacy. Through its sophisticated radar design and signal processing algorithm, NOVELIC's in-cabin monitoring solution detects life presence (LPD), child presence (CPD) and seat occupancy (SOD) amongst others. As per Sona Comstar, NOVELIC's in-cabin solution is highly accurate as it works under all light conditions, detects vital signs (heart rate and respiration) and locates objects anywhere in the cabin. NOVELIC's mmWave radar-based solution removes the need for weight sensors and associated wiring harnesses, resulting in significant cost savings for carmakers. Unlike cameras, mmWave radar-based in-cabin sensing protects the privacy of occupants in the car, claims Sona Comstar.

The current NOVELIC team, led by its founders Darko Tasovac, Veljko Mihaljovic and Dr Veselin Brankovic, will continue to lead the operations, ensuring continuity while leveraging Sona Comstar's scale and customer access for business development. According to Sona Comstar, the founders will hold 46 percent equity in NOVELIC after the completion of the transaction. 

Commenting on the acquisition, Vivek Vikram Singh, Managing Director and Group CEO of Sona Comstar, said, “I am excited to welcome NOVELIC to the Sona Comstar family. With this acquisition, we have added market leading, in-cabin radar-sensing technology to our technology offering. Increasing vehicle autonomy and automation is an emerging technology revolution in our industry. As we had done with EVs in 2016, we are taking a meaningful early step in the direction of the electrified autonomous vehicles or e-AV. NOVELIC adds the hardware and software capabilities to design integrated systems for autonomous driving, including AI and ML as well as ASIC experience, to what we already have in mechanical, electric and electronic abilities. It is the beginning of building our third business vertical of sensors and software. In addition to its technology prowess, Novelic is unique in its approach to profitability and sustainable growth. In many ways, NOVELIC is like Sona in how we value money, technology and growth.”

Sharing his thoughts, Mihajlovic, Co-founder and CTO of NOVELIC, said, "NOVELIC was founded with a clear mission to develop end-to-end capabilities in mmWave radar technology and to commercialise it through various product lines. We started as a team of five, and today, we are over 160 people, among which 130 engineers and 10 PhDs developing product platforms at various European locations. We have managed to do it organically by providing value to our customers and generating and growing our revenue and profit year after year. For moving to the next phase of our growth, we are delighted to have a strategic partner in Sona Comstar which shares the same commitment to innovation and technology and will support us in scaling up our business. The moment we first interacted with the Sona Comstar team, we knew this was 'the one' because we had a great alignment of core values."

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Greaves Cotton has appointed Santosh Singh as Chief Strategy and AI Officer. He will be based in Mumbai and will lead strategy, transformation, AI-led enterprise capability building and business excellence for the Greaves Cotton Group.

Singh comes with over two decades of experience in strategy, business excellence, innovation, and AI-led enterprise transformation. He joins Greaves Cotton from Tata Technologies (TTL), where he served as Global Head – Marketing and Business Excellence. During his tenure there, he co-led the enterprise GenAI roadmap and developed use cases focused on customer engagement and productivity.

His primary mandate is to drive the Greaves.NEXT strategy, the company’s roadmap for growth across the energy, mobility and industrial solutions sectors.

In his new role, Singh will focus on accelerating growth for Greaves Technologies (GTL), developing an enterprise-wide AI roadmap, and establishing partnerships with hyperscalers and AI labs.

Parag Satpute, Managing Director & Group CEO, Greaves Cotton, said, “We are pleased to welcome Santosh to the leadership team. His extensive expertise in strategy, digital transformation, and AI will play a significant role in shaping Greaves’ next phase of growth. His global experience will further strengthen our innovation roadmap and support our long-term business priorities.”

Singh will also work across business units to incubate and scale growth vectors and lead business excellence initiatives.

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Luminar Technologies, Inc., a global technology company advancing safety, security and autonomy across various sectors, has announced it has agreed to sell its wholly owned subsidiary, Luminar Semiconductor, Inc. (LSI), to Quantum Computing Inc. (QCi) for USD 110 million in an all-cash transaction.

QCi is an integrated photonics and quantum optics technology company focused on photonics-driven technologies and sensing applications. LSI's innovation platform and engineering depth align with QCi’s strategic priorities in optical systems, chip-scale innovation and photonic architectures. The acquisition is expected to position LSI to grow and capitalise on the demand for photonics solutions.

Paul Ricci, CEO, Luminar, said, "We are pleased to partner with QCi as they continue to accelerate their photonics roadmap. QCi’s focus on photonics-driven technologies provides an aligned platform for LSI to expand its customer base, accelerate growth opportunities, and invest in markets where long-term demand for high-reliability optical systems is increasing. We are incredibly proud of the LSI team for the progress they have made to reach this milestone, and we are excited for the opportunities ahead for LSI under QCi’s ownership.”

Yuping Huang, CEO, Quantum Computing Inc, said, "I’m excited about the opportunity to partner with the exceptional team and valued customers of LSI. There is clear strategic alignment and shared vision between our organizations, creating strong momentum from day one. Following the closing, we will move quickly to invest in and scale LSI’s existing business, while bringing our teams together to accelerate our quantum photonics roadmap. This is a powerful combination, and I’m energized by what we will achieve together.”

In a separate announcement, Luminar announced that it has initiated voluntary chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of Texas. LSI is not a debtor in the chapter 11 cases and is operating in the ordinary course. Because LSI is a subsidiary of Luminar, the transaction will require the approval of the bankruptcy court via a Section 363 sale process, which the parties expect to receive by the end of January 2026, subject to closing conditions.

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Chinese technology company Neusoft Corporation and Mappls MapmyIndia have signed a Memorandum of Understanding (MoU) to leverage their strengths in software and data resources to collaborate deeply.

The companies will engage in joint technological development, ecosystem collaboration and resource integration to provide navigation products and intelligent mobility solutions tailored to localised needs in emerging markets such as Southeast Asia and India.

The partnership is a response to the fact that while global auto brands are expanding into Southeast Asia and India, they face challenges in these regions due to complex road conditions, unique traffic rules, extensive addressing systems and high localisation adaptation costs. These issues limit the ability of automakers to deliver a complete intelligent user experience.

Under the collaboration, Neusoft will adopt its OneCoreGo Global Intelligent Mobility Solution 6.0 Plus as the core technology carrier, deeply integrating MapmyIndia's map data, real-time traffic information and multi-dimensional value-added services. MapmyIndia is noted as the largest local mapping company in India, holding more than 90 percent market share in in-vehicle navigation.

The integration is intended to strengthen a full capability loop of ‘navigation + payment + interaction + connectivity + operations’.

Through API integration and technological convergence, the two parties will jointly develop navigation products and mobility solutions highly adapted to Southeast Asia, India and similar regional markets. These solutions will deliver precise route planning and real-time traffic guidance, address local user needs and continuously enhance product experience and scenario-based services. This will help automotive partners rapidly launch intelligent vehicle models with competitiveness in local markets.

The partnership enables Neusoft to combine the global end-to-end strengths of its solution with localised ecosystem resources, paving the ‘last mile’ for automakers entering the Southeast Asian and Indian markets and delivering comprehensive intelligent mobility experiences.

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Bengaluru-based electric vehicle maker Ultraviolette Automotive has secured USD 45 million from Zoho Corporation and Lingotto, one of Europe's investment management companies as part of its ongoing Series E investment round.

The investment from Zoho Corporation was led by Sridhar Vembu, Mani Vembu and Kumar Vembu.

This growth capital will accelerate the domestic and international scale-up of current products F77 and X-47, as well as future product platforms Shockwave and Tesseract.

Ultraviolette has built a design and technology-led enterprise with the F77 and the recently launched X-47.

The company has expanded to 30 cities across India in a short span of 12 months and is expanding to 100 cities by mid-2026. The F77 motorcycles were recently launched in the United Kingdom, bringing Ultraviolette's presence to 12 countries across Europe.

Narayan Subramaniam, Co-Founder & CEO, Ultraviolette Automotive, said, “We are glad to announce our Series E investment from Zoho and Lingotto. Lingotto's legacy of backing iconic performance and mobility brands, combined with Zoho's long-term commitment to fostering cutting-edge Indian innovation, aligns perfectly with Ultraviolette's mission to build category-defining electric mobility solutions for India and global markets.”

Niraj Rajmohan, CTO & Co-Founder, Ultraviolette, said, "With the ongoing Series E investments, we are doubling down on growth and expanding our production to meet increasing demand. Our focus is on advancing breakthrough battery technology, elevating performance capabilities and expanding production to support upcoming product platforms. This investment will accelerate our journey towards scaling into India and global markets."

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