MapmyIndia has secured funding worth $9 million from Qualcomm Ventures. Other investors who participated in the funding round include Kleiner Perkins Caufield Byers, Sherpalo Ventures and Nexus India Capital, who had earlier invested $3 million in MapmyIndia.
MapmyIndia is an indigenous online maps and driving directions provider held by CE Info Systems. The company has services and products such as online maps, the cell phone application iNav and the in-car navigation system Navigator 2.0, ready and is now attempting to get them to as many consumers as possible. Qualcomm’s strong relationships with handset manufacturers, telecom operators, chipset makers, application developers and VAS players will help MapmyIndia grow its business.
MapmyIndia will use the funds to expand overseas in 2010-11, reports ET. The company has already partnered with Ford and GM for its in-car voice navigation system. The high pricetag of GPS devices (MapmyIndia’s car navigational device costs between Rs 17,990-Rs 20,990) and the nascent market are still hurdles for providers in the country. We will be asking Rohan Verma, Director at MapmyIndia how the company’s navigator business is doing in India and will be updating this post soon.
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