Business Daily from THE HINDU group of publications
Friday, Jun 13, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Friday, Jun 13, 2008 ePaper | Mobile/PDA Version | Audio |
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Info-Tech
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Venture Capital SatNav gets $7 m from Sequoia Our Bureau Hyderabad, June 12 Navigation solutions provider SatNav Technologies has secured $7 million (about Rs 30 crore) funding from Sequoia Capital and announced its intent to mass market its products and services. The company has mapped over 30 cities across the country and expects to add 72 more cities and towns by year end, making these services accessible to people over their mobile phones, desktops, laptops and also in stand-alone automobile devices. The Founder and Managing Director of SatNav, Mr Amit Prasad, told newspersons that the company has so far invested $10 million in developing and early stage marketing of a wide range of navigation products and services. “The investment by Sequoia will help the company expand the products. About 1,000 people are being engaged for its mapping-related work,” he said. The Operating Partner, Sequoia Capital, Mr Mohit Bhatnagar, said, “SatNav has a wide variety of solutions that millions of consumers can access from their homes, offices or when travelling on the roads through their mobiles phones, computers and personal navigation devices.” “SatNav has made its software platform-independent and this works on most of the smart phones and phones with different operating systems. We are working with Asus, HP, iMate to offer navigation in their phones and are in discussions with automotive companies to offer personal navigation device,” Mr Prasad said. To access navigation on their phones, users have to buy and load software costing Rs 999. Those wanting to install in their cars can buy a personal navigation device for Rs 19,490 or use their mobile phones, Mr Prasad said. More Stories on : Venture Capital | Software
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