WhatsApp co-founder Brian Acton has invested an undisclosed amount in automotive telematics company Bits N Bytes Soft Pvt Ltd, which does business as Trak N Tell. Acton was one of the global business leaders investing in Trak N Tell. It did not name the other investors.
Trak N Tell, according to a press release, will use the money to develop the product and expand the business.
Pranshu Gupta, CEO, Trak N Tell, told
He said a lion’s share of the money raised would go into marketing the company’s products. At present, the products are available in the National Capital Region and the company planned to expand to Bengaluru and Mumbai, for which it would need to require staff. Trak N Tell has a 40-member team now.
The firm has three segments of clients — individual car owners who are interested in ensuring the safety of their vehicles and its occupants, fleet owners, and automotive manufacturers. At present, it has tied up with Escorts Construction Equipment for backhoe loaders. It is in talks with other automobile manufacturers too.
Trak N Tell had raised an undisclosed angel round in 2013-14, which was used to grow the team and on research and development.
The present round, Gupta said, was a pre-Series A round and the money would last till the end of this financial year.
The company will start looking for Series A in about eight months from now, said Gupta, a computer science graduate from the University of Florida.