MapMyIndia raises $9 Million from Qualcomm Ventures
Printer Print Email Email
Bangalore: Delhi-based CE Infosystems, better known as digital maps and navigation services provider MapMyIndia, has raised $9 million from U.S. based venture capital firm Qualcomm Ventures in its third round of funding. It had earlier raised funding from Kleiner Perkins Caufield Byers, Sherpalo Ventures and Nexus India Capital, who have also participated in this round. MapMyIndia provides services and solutions based on geographic information systems and location-based business intelligence, which provides its services through handheld devices. The company is also looking at overseas expansion now. "With this new investment and collaboration with Qualcomm, we will engage all leading players of the ecosystem - handset manufacturers, mobile operators, automotive manufacturers, hardware vendors, chipset providers, and application developers," said Rakesh Verma, Promoter and Managing Director of MapMyIndia, as reported by VCCircle. Another funded player in this space is Hyderabad-based SatNav Technologies, which raised $7 million from Sequoia Capital India last year. Qualcomm Ventures has earlier invested around $3 million in Kirusa, a Mumbai-based voice SMS company, and Tessolve Services, a provider of solutions for semiconductor testing, packaging and failure analysis.

siliconindia