AssetTrackr Secures $500,000 Angel Funding from A Group of Angel Investors


assettrackr-logo-newAssetTrackr Pvt Ltd, providing vehicle tracking solutions, has raised $500,000 from three angel investors reports TechCircle. The company has received funding from Kiran Basani, the CEO of AddOnUSA, an American enterprise solutions company, Prasad BVN, VP (sales operations & business consulting APAC), Aspen Technology which is a supply chain software company and another U.S based investor.

Speaking to Medianama, Ashok Yerneni, founder and CEO, AssetTrackr said that the fund will be used for development and sales and marketing. They already have a sales force that focuses on the B2B model. They also plan to take their B2C product – SafeKar to directly to the customers. They use Global Positioning Systems (GPS) and GPRS technologies to provide real time tracking of vehicles – fleet, buses, personal car and corporate transportation.

B2B Solutions

AssetTrackr handles corporate clients who provide pick and drop services to their employees, and its product is used to track these vehicles in real time. Track Your Bus is used by intercity bus travels to track their buses in real time, and AssetTrackr provides a passenger notification service through SMS and smart phone push notifications on the arrival of the bus.

Morning Star and SVR travels are two travels that are using this service in its pilot phase for their buses going from Bangalore to Vijayawada and Bangalore to Hyderabad.

Fleet management services are provided to cargo, logistics companies like DTDC, Kesineni Cargo, INDEV logistics etc. In all, they have a total of 16-17 clients in the B2B segment including BMW, BigBasket.com among others. Their B2B clients buy a device from AssetTrackr and also pay a quarterly subscription fee. They provide these companies with an enterprise dashboard to track information like total distance traveled, speed of travel, stoppages among others. Yerneni did not want to disclose the pricing of their service to their B2B clients.

SafeKar – B2C Solution

SafeKar is the B2C product that targets chauffeur driven cars. They intend to accessorize the cars to provide real time tracking of the car to car owners. Similar to their B2B product, car owners can receive information on the present location of their car, performance of your car, set speed limits and track the speed touched by the car. They are looking to target 125,000 drivers in Bangalore city alone. This product is presently in its beta with 50 customers. They plan to open the product to all sometime in April and take the service to other cities as well.  They presently charge Rs 5000 for the device and the customers need to also pay an annual subscription fee of Rs 1599 as well.

Other Navigation Systems:

The market for vehicle tracking system has been steadily growing over time. We feel that AssetTrackr has tapped into a market that has growing demand. YourBus is another company that provides similar services to travel companies to track their buses in real time. redBus and Paytm had recently launched real time tracking of buses which was powered by both YourBus and AssetTrackr, in March 2013.

It appears that car companies themselves have started launching apps and technology for car owners to track their car in real time. Earlier this month, Mahindra Reva had launched two new mobile apps called – ‘The e2o connectivity app’ and ‘Life with e2o’ along with the launch of its next generation electric car – Mahindra e20 to track the car in real time.

In January 2013, Vikram Sarabhai Space Center announced the launch of its first navigation satellite this year as a part of its Gagan (GPS aided geo augmented navigation) project. Once launched, this satellite can be used by defense services, security agencies, aviation industry,railways, surface transport, shipping, telecom industry and personal users of position location based services. However, this service may require the replacement of the existing devices with Gagan’s GPS devices. Also, it is not clear if the service of this satellite will be extended to the public at large.

In November 2012, the Indian government had announced that it will be installing global positioning system (GPS) devices in vehicles transporting public distribution system commodities to prevent smuggling of food grains. The pilot will begin Chhatisgarh and Tamil Nadu.