Brian Acton, co-founder of WhatsApp, along with a handful of other global business leaders recently announced their decision to invest in Trak N Tell – a Gurugram-based car tracking telematics solutions startup. However, the group has not disclosed the amount it will invest in the aforementioned startup.
Off late, several companies have come together in the pursuit of advancement in the field of connected cars. Earlier this month, while the Alibaba Group launched OS’Car RX5, an Internet-connected car, Volkswagen AG announced a tie-up with LG Electronics for the development of a connected car platform that will enable vehicles to communicate with external devices. According IHS Automotive, 60 per cent 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 currently 23 million connected cars on the road today and that figure is expected to grow to 152 million by 2020.
Trak N Tell, founded in 2007, is owned by automotive telematics technology company Bits N Bytes Soft. In a statement, Pranshu Gupta, CEO, Trak N Tell, said, “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.”
The company currently supplies a GPS product that allows car- and fleet-owners to track their vehicles. The product also allows for predictive engine failure, preventive maintenance notification, fuel monitoring system, and more. In referrence to the latest development, Trak N Tell will launch a high-caliber safety solution for individual car and bike owners in the country with the aim to offer an ‘Indian version’ of connected cars. Gupta added the company will utilize the funding for both, product development and business expansion.
Acton added, “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.”