LetsTrack raised funds of $ 1.7 million from US investor James Arthur, who will join the firm as Chief Operating Officer in an attempt to expand its operations on the international market. LetsTrack is planning to offer their services in around 50 countries until 2020.
The company’s valuation was estimated according to various contributing factors and the company received many offers at a valuation of $ 17 million. While investments are usually done in order to secure capital and raise money, LetsTrack looked for an investor who would bring a strategic plan in order to raise the overall quality of the company.
“For me, it was a no-brainer because James was not only bringing money but also dedicating the next 10 years and for Letstrack that is invaluable. Now we have an investor and partner who compliment the missing capabilities of Letstrack and we can only say that the future is brighter than ever,” said Vikram Kumar, CEO and Founder.
James Arthur was thus the best strategic partner because he delivered a clear understanding of the direction he wants the company to take, as well as firm ideas about how to accelerate the growth rate of the company and the strategy they will adopt to expand their business internationally.
“Vikram and I share the same core values and our complementary strengths can only serve to take Letstrack to the next level even faster. We believe that with the direction we are headed and the way the company walk side by side with our customer’s needs and company ethos, there is no limit to where we can end up,” said James Arthur.
According to their website, LetsTrack is a global real time instant messaging and tracking app compatible for smartphones, tracking devices and browsers. Their custom-made, cross-platform app makes use of GPS and the internet to track and send text messages, images, videos and user locations. Based in London, LetsTrack is presently available in India and looking forward to expand its business to provide their services in Nigeria, Sri Lanka, Bangladesh and the USA.