MapmyIndia gets new funding led by Qualcomm Ventures

MapmyIndia gets new funding led by Qualcomm Ventures
MapmyIndia, one of the leading digital maps and navigation services provider in India, today announced that Qualcomm Ventures has led a round of strategic investment in the company with participation from existing investors Kleiner Perkins Caufield Byers, Sherpalo Ventures and Nexus India Capital. The amount raised in this new round was not disclosed.

Rakesh Verma, Managing Director of MapmyIndia, said “MapmyIndia has been driven 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. 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 - with India’s best digital maps, GPS navigation products and location-based services.”

Commenting on the development, Kanwalinder Singh, president Qualcomm India and South Asia said, “Qualcomm is pleased to collaborate with MapmyIndia to bring the best experience for location-based services to Indian consumers. MapmyIndia’s comprehensive and accurate digital map content, combined with Qualcomm’s leadership in assisted GPS technology, will enable the most advanced and reliable location-based services with ubiquitous experience in open, indoor and complex urban environments.”

Tuesday, February 17th 2009

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