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SatNav Raises $7 Million From Sequoia Capital India

SatNav Technologies has raised $7 million in a first round of funding from Sequoia Capital India. The amount of stake diluted has not been disclosed, though Mohit Bhatnagar, Operating Partner with Sequoia says that it's a significant minority stake, and two members have joined the board. SatNav was incubated at Satyam Computers, under the Satyam Entrepreneur Incubation Program. Here's a brief on the various players in the consumer GIS space (in no particular order): ARPU and Projections: SatNav claims that it had revenues of around $1 million last fiscal, and 22000 users. That's an ARPU of $45.5. They're now targeting 2 lakh users by the end of this fiscal, and assuming an ARPU of $35, they should have revenues of $7 million by then; at least a 7x increase in revenues. Of course, this calculation depends on whether the numbers they've mentioned in the press are correct or not. Burn Rate: FE reports that the funds should see SatNav through the next 12-18 months. That's a burn rate of between $389,000 - $583,000 per month, or between Rs. 1.6 - 2.5 crores per month. Where will that money go? For Products, Targets and BCCLs Private Treaty Legacy click Products: SatNav has a map site called RoadsofIndia, a PDA software SatGuide and a Personal Navigation Device. Pricing details here. SatGuide offers voice prompts in 8 languages: Bengali, Gujarati, Hindi, Kannada, Marathi, Oriya, Tamil, Telugu and English. The other significant player in this market is MapMyIndia, with funding from Nexus India Capital,…

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