DURBAN - Netstar has signed a joint venture deal with C Ahead Technologies to offer insurance and fleet telematics in India.
Netstar is a subsidiary of Altron.
According to Altron chief executive Mteto Nyati, the C Ahead deal is part of Altron's commitment to partner with customers in fleet management in their digital transformation journey through data analytics and safety and security technology solutions.
Nyati said: "With C Ahead we have found an ideal partner for us to introduce Netstar’s Intellectual Property (IP) into the Asian continent."
He added that the joint venture deal is in line with Altron's measured global expansion plans for Netstar and will diversify offshore earnings.
The vehicle telematics market in India is predominately commercial vehicles such as fleet and taxi operators. However, it is gaining wider popularity due to its advantages, such as safety, information, navigation, and remote diagnostics.
Pierre Bruwer, the Managing Director of Netstar said: "India is an underpenetrated market which is in the early stages of telematics making it attractive for Netstar to enter from consumer and commercial telematics perspectives."
According to Bruwer, the increased fuel costs, as well as safety and security concerns, were expected to drive growth in future.
Apart from commercial vehicles, the small and medium car segments offer high growth opportunities for Netstar.
C Ahead is an IT services and solutions company with 14 years’ experience. The company has headquarters in the US as well as offices in India, South Africa, Dubai, and the UK.
Sandeep Sekhar, chairperson and chief executive of C Ahead said: "We continuously research global companies for new opportunities that will allow sustained growth. The launch of the C Ahead Netstar JV in India will enable us to offer a new portfolio of solutions through telematics to our existing and new customers."
He said that given the size of the Indian market and its fast-growing telematics business, they are extremely confident of exponential growth.