In a move to speed up the availability of internet-connected cars in India, WhatsApp Co-Founder Brian Acton with other global business leaders on Monday announced they will invest an undisclosed amount in Trak N Tell -- a Gurgaon-based car tracking telematics solutions startup.
Founded in 2007, Trak N Tell is owned and operated by automotive telematics technology company Bits N Bytes Soft Pvt. Ltd.
“We are happy to see rising interest in the ‘connected cars’ space in India. This funding is indicative of the same and a global appreciation of our attempt to endorse the Make In India initiative,” said Pranshu Gupta, CEO of Trak N Tell, in a statement.
“We will launch a superior safety solution for individual car and bike owners in the country. Our aim is to offer an Indian version of connected cars that are available in Europe and North America,” he added.
Trak N Tell will deploy the raised funds towards product development and business expansion.
The company currently provides a GPS product that enables car owners and fleet owners to track their vehicles. It also allows for predictive engine failure, preventive maintenance notification, fuel monitoring system and more.
“Pranshu has extremely interesting plans for the Indian automotive market and I'm very excited to help him scale his business further as an investor. It is great to be part of Trak N Tell,” added Acton.
According to the global research firm IHS Automotive, 60 percent of all cars sold in the US (about 10 million) will be connected to the internet by 2017.
Globally, it is estimated that there are 23 million connected cars on the road today with projections for 152 million by 2020.
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.