Mumbai based technology start-up Birds Eye Systems which which provides instant traffic information on its app called Traffline has raised funds in Series B round of funding from US based electronic chip firm Qualcomm's investment arm to expand its operations.
The company in a statement said that it has raised "fresh round of funding from Qualcomm Incorporated, through its venture investment group, Qualcomm Ventures." The amount of deal and other details were however not revealed.
Birds Eye Systems' Traffline is currently cater in 3 cities - Mumbai, Delhi and Bangalore. The company plans to use the funds to expand operations in 10 cities by the end of this year. Funds will be used for product development, marketing and user acquisition, multi-city expansion and towards building a robust team across targeted cities.
"As a leader in wireless technologies, Qualcomm is pleased to invest in Traffline - a compelling mobile transport application that enables city navigation with real time information on traffic, routes and parking," Qualcomm Ventures Director Varsha Tagare said in a statement.
"Getting access to accurate and real-time traffic, travel and local information is a big problem for millions of Indian commuters in major cities. We want to address this problem using an approach tailored to Indian ethos and travel conditions," Birds Eye Systems Co-founder Briraj Vaghani said.
In December 2013, Birds Eye Private Limited had earlier secured its first round of institutional funding from Matrix Partners India and prior to which they had raised seed capital from the Indian Angel Network in April 2012.
Ravi Khemani and Brijraj Vaghani, the two founders of the start-up got the idea for Traffline while working in the US. They observed that in US, everyone was habitual of looking at traffic information before stepping out of the house and this resulted in much easier and worry less travel and traffic conditions. They soon realized that such an app would do wonders in a traffic crazy nation like India and with this intention the duo returned to the country. Read more in Traffline review article
Advertisements