Source: Danas | Wednesday, 11.01.2023.| 13:28
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Indian Sona Comstar to Buy Share in Serbian Tech Company Novelic for EUR 40.5 Million

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The Indian producer of electronics for the automotive industry Sona Comstar has announced that an agreement has been made on the takeover of 54% of the Serbian Belgrade-based tech company Novelic for EUR 40.5 million.

Novelic is a startup that develops advanced driver assistance systems (ADAS) and radar platforms.

The industry of ADAS sensors in the automotive industry is a fast-growing market that is estimated at USD 43 billion by 2030.

Novelic was founded in 2012 by Darko Tasovac, Veljko Mihajlovic and Veselin Brankovic, and under this agreement, the company is evaluated at EUR 65 million. They will continue running the company.

– With this acquisition, we have added to our technological offer a market leader in inside-cabin radar-sensor technology. The growing automation and autonomy of cars is a new technological revolution in the industry – assessed the CEO of Sona Comstar, Vivek Vikram Singh.

One of the founders and the CTO, Veljko Mihajlovic, said that he was delighted that the strategic partner for moving on to the new phase of growth was the company Sona, “which shares the same dedication to innovations and technology and which will support the growth of our business”.

According to the statement made by the Indian company, Novelic is one of the rare profitable companies in this sector and since their founding they have been profitable every year.

The income of Novelic in 2022 amounted to EUR 9.3 million.

This Serbian tech company employs more than 120 engineers.

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