Nexus India Capital Invests Over Rs 10 Crore In MapMyIndia.com
Thu, 08/09/2007 - 22:54 — Sahad P V
This just in. Nexus India Capital, the $100-million venture capital fund, has invested over Rs 10 crore or $2.5 million in digital map data company CE Info Systems. It runs MapMyIndia.com, an interactive online map service.
This is the second institutional investment for CE Infosystems, a company set up by entrepreneur couple Rakesh and Rashmi Verma in 1992. In April 2007, it had received an undisclosed investment from Sherpalo, the VC fund of Ram Shriram, and Kleiner Perkins.
Delhi-based CE Infosystems provides services and solutions based on geographic information systems and location-based business intelligence. It claims to be the single largest repository of digital spatial data of India. A press release said that the company released the first version of nationwide GPS-based road network navigable maps in early 2007, which can be used on multiple media including the internet, car navigation, mobile navigation and several other location-based and GIS applications targeting the needs of consumers and enterprises.
The company has also partnered with Yahoo India, Wayfinder, and Airtel to offer mapping services to the internet and mobile users in the country. Suvir Sujan, Managing Director, Nexus India Capital, has joined the board of the company.
Nexus' current portfolio includes mobile VAS company Mobile2win, open source web collaboration software company Dim Dim, and voice SMS provider Kirusa.
Earlier, in February 2007, Bennett, Coleman & Company had invested in Hyderabad-based SatNav Technologies, a company in the similar space. This company was founded by a group of ex-Satyamites led by Amit Prasad, who is the founder MD & CEO.
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