Gurgaon-based car telematics solutions startup ‘Trak N Tell’ has raised an undisclosed sum from a group of investors, led by WhatsApp co-founder Brian Acton.
Bits N Bytes Soft, which operates as ‘Trak N Tell’, creates products to ensure safety of passengers while travelling in their vehicle via use of telematics and connected car technologies.
Trak N Tell will deploy the raised funds towards product development and business expansion, it said in a statement.
It will also hire professionals in multiple verticals which includes R&D, operations and marketing, it added.
“We are happy to see rising interest in the ‘Connected Cars’ space in India. This funding is indicative of the same and a global appreciation of our attempt to endorse the ‘Make In India’ initiative,” Trak N Tell CEO Pranshu Gupta said in a statement.
The company will launch a safety solution for individual car and bike owners, he added.
Trak N Tell currently provides a GPS product that enables car owners and fleet owners to track their vehicles and even immobilise them, in case of a theft by tapping a button on their smartphone.
It also allows for predictive engine failure, preventive maintenance notification, fuel monitoring system among other features.
“Our aim is to offer an Indian version of connected cars that are available in Europe and North America. While the quality is in parity with international standards, our prices will be set in accordance to the Indian market,” Gupta said.
According to IHS Automotive, 60 per cent of all cars sold in the US (about 10 million vehicles) by 2017 will be connected to the Internet.
Globally, it is estimated that there are 23 million connected cars on the road today with projections for 152 million by 2020. This means that the industry can grow by 150 per cent y-o-y.
“Pranshu has extremely interesting plans for the Indian automotive market and I’m very excited to help him scale his business further as an investor. I’m very pleased with the results of the company to date,” Acton said.
Established in May 2007, Trak N Tell counts OEMs as well individual car and bike owners among its customers.