LetsTrack enables analysed and practical quality information delivered on smartphones, web browsers, and emails in form of push notifications, updates, reports and live feeds.
UK based IoT startup, LetsTrack, has raised $1.7 million from US based investor James Arthur. Post-investment James Arthur will be joining the company as the Chief Operating officer (COO). The company that expanded its operations in India in 2016 is now planning to expand in over 50 countries by 2020. The investment was raised at a valuation of $17 million.
Commenting on the investment made, James Arthur quoted, “ 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.
Further the CEO and Founder of LetsTrack stated that for him it was a no-brainer deal with Arthur bringing in money and dedicating his next 10 years for the company. He said, “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.”
LetsTrack enables analysed and practical quality information delivered on smartphones, web browsers, and emails in form of push notifications, updates, reports and live feeds. The company deals in Women and Child Safety, Automobile safety and optimization, Team and Fleet Management.
The devices that are currently available in India include Lestrack Kido, Letstrack Personal Tracker, Letstrack Bike Series, Letstrack Basic+ and Letstrack Prima.
The company works on a commission based model for its B2B engagements. They work on a gross margin of 10-15 percent. To this Vikram added, “We will recover most of our investments from the customer in two or three years through subscriptions.”
The startup further claims to have a 30 percent month-on-month growth since james joined the company as COO. The freshly secured funds are being used to hire upper management to fasten the expansion process.