Flipkart-backed GPS navigation and location-based services provider MapmyIndia, which is operated by New Delhi-based CE Info Systems Pvt. Ltd, has acquired Bengaluru-based VIDTEQ for an undisclosed amount, it said in a statement.
VIDTEQ, which is run by VidTeq (I) Pvt. Ltd, was founded by Chandra Thimmannagari and Navada Muraleedhara in May 2008.
VIDTEQ’s VideoMap technology allows users to view the video clip of a route between two locations within a city. The company claims to have ‘video mapped’ more than 20 cities in India. Its products also include Drone View, Map View and 360 Interior/Exterior View. Besides, VIDTEQ owns mapmyhome.com, a portal that lists new real estate projects.
In June 2011, VIDTEQ raised an undisclosed amount in its Series A round of funding from KITVEN Fund II, a $5.3 million venture capital fund managed by Karnataka Asset Management Company Pvt. Ltd.
Founded in 1992 by entrepreneur couple Rakesh Verma and Rashmi Verma, MapmyIndia makes GPS-based Internet of Things (IoT) devices for use in vehicles in addition to maps and hyper-local mobile and web consumer apps. For enterprises and developers, it also provides GPS and telematics platforms and customised solutions. The firm claims its offerings are used by more than 5,000 enterprises and 10 million end customers.
Ecommerce major Flipkart acquired a minority stake in MapmyIndia in December 2015. The transaction also saw MapmyIndia’s early investors Nexus Venture Partners and Lightbox Ventures exit the company.
Between 2006 and 2011, MapmyIndia raised $42 million from Kleiner Perkins Caufield & Byers (KPCB), Sherpalo India Advisors, Qualcomm Ventures, Nexus Venture Partners and Zenrin Co.
“Our business is growing fast, with a CAGR of 40% year on year over the last decade, healthy profitability and an 80% market share in the location intelligence sector,” said Verma.
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