Trak N Tell will be deploying the raised funds towards product development and business expansion
Gurgaon headquartered automotive telematics technology firm Trak N tell has raised an undisclosed amount under a round of funding from a large group of global business leaders including the likes of Brian Acton, Co-Founder, WhatsApp, said a statement from company.
The homegrown technology firm that offer GPS product that allows vehicle tracking, remote engine immobilisation as well as monitoring of engine health, will be deploying the raised funds towards product development and business expansion.
According to company official, company seeks to hire professionals in multiple verticals which include R&D, operations and marketing.
It currently provides a GPS product that enables car owners and fleet owners to track their vehicles and even immobilize them in case of a theft by simply tapping a button on their smartphone. It also allows for predictive engine failure, preventive maintenance notification, fuel monitoring system.
“We will be launching a superior safety solution for individual car and bike owners as compared to the present devices available in the market. 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,” said Pranshu Gupta, CEO, Trak N Tell.
The researcher IHS Automotive predicts that by 2017, 60% of all cars sold in the U.S. (about 10 million vehicles) 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. Going by the above mentioned estimates, the industry is likely to grow by 150% y-o-y, said Trak N Tell.
“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. It is great to be part of Trak N Tell,” said Brian Acton, Co-Founder, WhatsApp in a statement.