Letstrack on Wednesday announced raising funds worth USD 1.7 million from US-based investor James Arthur, who will also be joining Letstrack as the COO, to bring international expansion forward with an anticipated 50 countries being launched by 2020.
Various interested parties looked at contributing factors to company valuation and multiple offers were made at a valuation of USD 17 million. This round of investment was not simply to secure funds for Letstrack, but more aimed at bringing additional talent into the company at the highest level.
James Arthur offered, not just a clear understanding about the road Letstrack is travelling, but firm ideas about how to help accelerate growth and expand internationally.
Putting the long-term needs of the customer above short-term gains have driven app use and hardware sales growth at an unprecedented rate in the industry.
Letstrack is set apart by its ability to innovate with a software company at its core, and push that innovation out nationwide with it's pan India service coverage.
It is the first organized and specialized company in the tracking sector and this is proving to be a huge factor when customers and businesses are deciding who to place their trust in when chose a product as integral to their everyday safety and productivity as a GPS tracking solution.
"Vikram and I share the same core values and our complementary strengths can only serve to take Letstrack to the next level even faster. We believe that with the direction we are headed and the way the company walk side by side with our customer's needs and company ethos, there is no limit to where we can end up," said James Arthur.
"For me, it was a no-brainer because James was not only bringing money but also dedicating the next 10 years and for Letstrack that is invaluable. Now we have an investor and partner who compliment the missing capabilities of Letstrack and we can only say that the future is brighter than ever," said Vikram Kumar, CEO and Founder.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)