Having only launched in India in August 2016, Letstrack have seen a meteoric rise to become the fast growing and best GPS tracking company in India.
In a recent development, Letstrack has raised an $1.7 million amount of seed investment from a US-based investor, James Arthur. James will be joining Letstrack as the COO and will be focusing on bringing international expansion forward with an anticipated 50 countries being launched by 2020. James has a specialist skill set in enhancing customer experience and polishing the brand.
Various interested parties looked at contributing factors to company valuation and multiple offers were made at a valuation of $17 M. This round of investment was not simply to secure funds for Letstrack, but more aimed at bringing additional talent into the company at the highest level. James Arthur offered, not just a clear understanding about the road Letstrack is travelling, but firm ideas about how to help accelerate growth and expand internationally.
Founded in 2015 by Indian entrepreneur Vikram Kumar, Letstrack has manifested an extraordinary performance to emerge as one of the leading GPS tracking startups in UK and India.
Putting the long-term needs of the customer above short-term gains have driven app use and hardware sales growth at an unprecedented rate in the industry.
Letstrack is set apart by its ability to innovate with a software company at its core, and push that innovation out nationwide with it’s pan India service coverage.
Letstrack is the first organized and specialized company in the tracking sector and this is proving to be a huge factor when customers and businesses are deciding who to place their trust in when chose a product as integral to their everyday safety and productivity as a GPS tracking solution.
Letstrack’s success has accelerated with 30% month on month growth since James joined in as the COO.
Commenting on the investment, James Arthur, said, “Vikram and I share the same core values and our complementary strengths can only serve to take Letstrack to the next level even faster. We believe that with the direction we are headed and the way the company walk side by side with our customer’s needs and company ethos, there is no limit to where we can end up.”
Vikram Kumar (CEO and Founder), said, “For me, it was a no-brainer because James was not only bringing money but also dedicating the next 10 years and for Letstrack that is invaluable. Now we have an investor and partner who compliment the missing capabilities of Letstrack and we can only say that the future is brighter than ever.”
Notably, India is only lacing up in terms of leveraging GPS to its full potential and the people are not quite acquainted with this technology.
In India, Letstrack faces competition from Map My India, TrakNTell and CaRPM. While Trak N Tell is focussed on personal car safety solution and is backed by WhatsApp co-founder Brian Acton, Autosense is a startup which provides technology and analytics-based customer management solutions was part of a $11 Mn investment made by TVS Automobiles.
Another similar startup is Delhi-based HyperTrack, which is a location platform offering developer tools for large and independent mobile application companies. Its toolset contains iOS, and Android SDKs which generate live location data, that is then used to build use cases like live order tracking, mileage tracking, workforce monitoring, live location sharing etc.
Recently, GPS/GSM vehicle tracking startup Ridlr got acquired by Ola in an all cash and stock deal. Moreover, just yesterday Delhi-based Roadcast, which is a GPS based real-time tracking platform, raised $250,000 in an angel round of funding from high-net worth individuals (HNIs) from the United Arab Emirates.
Top Image – BWDisrupt.businessworld.in