SatNav to invest $10 m

Hyderabad-based SatNav Technologies, an IT product-focused company, will be investing $10 million (Rs 41 crore) over the next three years towards sales, marketing and customer acquisition efforts in Asia Pacific and West Asia regions.

SatNav, which won the Red Herring Top 100 Asia 2007 award recently, is currently focused on expanding the international markets for its a-mantra, which facilitates management, and car navigation products.

According to SatNav founder and managing director Amit Prasad, the company would be coming out with six more products in the next three years.

"Our aim is to become a market leader in a range of IT products," he said.

Prasad said SatNav had targeted a turnover of Rs 13.5 crore in the current financial year and Rs 42 crore in 2008-09 as against Rs 3.5 crore in 2006-07.

The company's rapid expansion into the international markets and the growing demand for its navigation product were expected to lead to a quantum jump in its turnover.

In the last couple of years, SatNav had focused on the Indian market though the company has a direct presence in the US and Singapore besides partners in 10 other countries, Prasad said.