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| MapmyIndia receives $9 mn funding |
| BS Reporter / Mumbai Feb 17, 2009, 17:32 IST |
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MapmyIndia, provider of digital maps and navigation services, received strategic investment of $9 million led by Qualcomm Ventures along with existing investors Kleiner Perkins Caufield Byers, Sherpalo Ventures and Nexus India Capital. This is the third round of funding that the company has received.
MapmyIndia, a New Delhi-based firm provides digital map data and consumer navigation services through geographic information systems. The company has built its proprietary MapmyIndia Maps, a navigable map dataset for all India. With this investment, the company will also work with Qualcomm’s technology.
Rakesh Verma, promoter and managing director of MapmyIndia, said: “With this new investment and accelerated collaboration with Qualcomm and others, we will aggressively engage all leading players of the ecosystem – handset manufacturers, mobile operators, automotive manufacturers, hardware vendors, chipset providers, and application developers - with India’s best digital maps, GPS navigation products and location-based services.”
“We strongly believe that MapmyIndia will change the face of these industries in the coming few years, and are glad to participate, collaborate and accelerate this process,” said Karthee Madasamy from Qualcomm Ventures.
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