MapmyIndia, a Global Positioning System navigation and location service provider has recently acquired VIDTEQ, a Bangalore based company for an amount not revealed by company. MapmyIndia which is managed by CE Info Systems Pvt. Ltd. is backed by Flipkart.
VIDTEQ run by Vidteq Pvt Ltd, was established by Navada Muraleedhara and Chandra Thimmannagari in May of 2008.
Services provided by VIDTEQ
VideoMap technology of VIDTEQ enables users to watch video clips of the path connecting locations within a city. Company affirms that it has video map of more than 20 cities of India.
Products also comprise of Map View, 360 Interior View, 360 Exterior View, and Drone view.
VIDTEQ already owned mapmyhome.com
Apart from these, VIDTEQ also acquired mapmyhome.com which lists new projects of real estate. VIDTEQ also raised series A funding of hidden amount from KITVEN Fund II which is managed by Karnataka Asset Management Company Pvt Ltd.
Rakesh Verma and Rashmi Verma found MapmyIndia in 1992. It manufacturers GPS based online devices to be used in vehicles. Additionally, it provides platforms for telematics and GPS as well as customized solutions to developers and enterprises. Company affirms that its products are used by over 10 million end users as well as 5000 enterprises.
Flipkart owned stakes in MapmyIndia
Flipkart, the domestic ecommerce giant, owned a small part of stakes in MapmyIndia in 2015 whereas it is indicated by the transaction that its early investors Lightbox Ventures and Nexus Venture Partners had withdrew from the company.
Funds acquired by MapmyIndia
MapmyIndia gained a sum of $42 million from the capitalists Sherpalo India Advisors, Kleiner Perkins Caufield & Byers (KPCB), Nexus Venture Partners, Qualcomm Ventures and Zenrin Co during 2006 and 2011. Verma said that,
“Our business is growing fast, with a CAGR of 40% year on year over the last decade, healthy profitability and an 80% market share in the location intelligence sector”.