Delhi-based Trak N Tell, a car tracking telematics solution startup has recently raised an undisclosed amount of funding from a group of investors, led by Whatsapp co-founder Brian Acton.
This is one of the major investment in any Indian startup involving a high profile Silicon Valley’s entrepreneur. While the terms of the Series-A round were not disclosed, Acton, along with two other investors, whose names have also not been revealed, are believed to have pumped in about $3.5 million (Rs 23.3 crore) in the nine-year-old venture.
“We are very pleased to have Brian on board, and he’s been of tremendous help in terms of strategising, and planning for the company’s next stage of growth,” Pranshu Gupta, chief executive of Trak N Tell, said in a statement.
Founded by Pranshu Gupta, a systems engineer, who worked in the US with global corporations like Exxon and Yahoo, the firm aims to make driving more intelligent in the country.
Consumers will have to spend Rs 5,999 for the Intelli7 unit, which covers the cost of the hardware, SIM services and cloud-based services for a period of three years. The assembly of the Intelli7 unit has been outsourced to a local manufacturer.
“We also plan to utilise a portion of the funding round towards scaling up our R&D, as well as for marketing. We are targeting to be in 500-1,000 stores by the end of the current calendar year,” Gupta said.