MapmyIndia, India's leading digital maps and navigation services provider, today announcedthat Qualcomm Ventures has led a round of strategic investment in the companywith participation from existing investors Kleiner Perkins Caufield Byers, Sherpalo Ventures and Nexus India Capital.
The investment will leverage Qualcomm’s worldwide leadership in wirelesstechnologies and MapmyIndia’s leadership in India’s digital maps,location-based services and GPS navigation, to empower the entire telecom,automotive and internet ecosystems. With the recent launch of 3G in India, andgrowing demand for rich data services, device manufacturers and mobileoperators can go-to-market quickly today with GPS navigation and advancedlocation-based services on handsets and Personal Navigation Devices (PND)powered by India’s most comprehensive digital map, data and solutions fromMapmyIndia. The automotive sector can look to enhanced in-car safety andinfotainment through next-generation GPS navigation and telematics productsfrom MapmyIndia and Qualcomm. Converged devices, which marry the internet withmobility, can benefit from MapmyIndia’s server platform to deliver maps andnavigation information across internet, mobile, in-car and digital TV.
Rakesh Verma, Promoter and Managing Director of MapmyIndia, said “MapmyIndia has beendriven with a passion and vision to digitally map India for the last 16 years.We are proud and excited that Qualcomm has shown its belief in MapmyIndia. Withthis new investment and collaboration with Qualcomm, we will engage all leadingplayers of the ecosystem – handset manufacturers, mobile operators, automotivemanufacturers, hardware vendors, chipset providers, and application developers- with India’s best digital maps, GPS navigation products and location-basedservices.”
Commenting on the development, Kanwalinder Singh, president Qualcomm India and South Asiasaid, “Qualcomm is pleased to collaborate with MapmyIndia to bring the bestexperience for location-based services to Indian consumers. MapmyIndia’scomprehensive and accurate digital map content, combined with Qualcomm’sleadership in assisted GPS technology, will enable the most advanced andreliable location-based services with ubiquitous experience in open, indoor andcomplex urban environments. We see huge potential for location services inIndia, and look forward to working with MapmyIndia to address the demand forconsumer and enterprise markets.”
Kartheepan Madasamy, senior manager of India Investments from Qualcomm Ventures, said “This is a significant development for Qualcomm Ventures in its effort to fosterinnovation and bring enriched wireless experience to Indian consumers.MapmyIndia has built a strong business around digital maps, Personal NavigationDevices and Internet mapping offerings in India. We look forward to workingclosely with MapmyIndia to bring the most advanced location services experienceto India, leveraging the best map content on mobile handsets and connectednavigation devices.”
Suvir Sujan, Partner, Nexus India Capital, said “We are extremely glad that Qualcomm hasjoined the investor group of MapmyIndia, as this validates the leadershipposition and potential MapmyIndia has demonstrated in the digital mappingspace. Qualcomm brings the right strategic experience, expertise and reach tobenefit all – MapmyIndia, the industry, and end users.”
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About Qualcomm Ventures
Qualcomm Ventures was launched in the United States in November 2000 with an initial US$500 million allocation. Qualcomm Ventures' aim is to support Qualcomm'smission of enabling and fostering 3G (WCDMA) and wireless Internet marketsthrough strategic investments in privately owned startup ventures. Thesestrategic investments include companies focusing on wireless communicationtechnologies and products serving consumer, enterprise and vertical marketsworldwide. After successfully expanding its activities in Korea, Japan, Chinaand Europe, Qualcomm Ventures set up its India presence in 2008. QualcommVentures' first direct equity investment in India is in Tessolve Services Pvt.Ltd, a leading provider of solutions and platforms for semiconductor testing,packaging, qualification and failure analysis. For more information,please visit: www.qualcomm.com/ventures
About MapmyIndia
MapmyIndia (CE Info Systems (P) Ltd.), a New Delhi-based ISO 9001-2000 Company founded in1992, is India's leader in premium quality digital map data and consumernavigation services. Since 1994, through continuous field surveys andstate-of-the-art mapping technology, the company has built its proprietaryMapmyIndia Maps, the most comprehensive, accurate, robust and reliablenavigable map dataset for all India. MapmyIndia is driving the Indiannavigation industry by providing internet, mobile and in-car navigationproducts to end consumers directly as well as in partnership with leadinginternational and national players. The company has been providing GIS basedenterprise solutions to over 500 leading corporate and government organizationsin every vertical. In 2004, MapmyIndia was short listed by NASSCOM as ashowcase company for IT innovation in India. Most recently, MapmyIndia'sManaging Director was elected by GPS Business News as the “World's GPSBusinessman for the year 2007” for driving the navigation industry inIndia.For more information, please visit:www.mapmyindia.com
Source: India PR Wire