MapMyIndia raises US$2.5M from new VC

finding a restaurant in New Delhi
finding a restaurant in New Delhi
Nexus India Capital has announced that it has invested around $2.5 million in CE Infosystems, the Geographical Information Systems company that runs, the leading mapping portal in India. Suvir Sujan, MD at Nexus India Capital has joined the board of CE Infosystems. This is the second round of funding for CE Infosystems, previous investors were Sherpalo Ventures and well known Silicon Valley venture capital firm Kleiner Perkins Caufield and Byers.

CE Infosystem offers today yhe largest coverage of map data in India. The company currently powers applications such as Yahoo Maps India; SatNav Technologies’ navigation devices (read here our interview whit CEO Amit Prasad); Wayfinder which recently launched its application with Airtel (see here) as well as its own website

Navteq has recently announced it first Indian map product with a coverage of the six main cities (read here), but its coverage has yet to improve to offer a real alternative to CE Infosystem. Same thing for Tele Atlas: “Currently, our Tele Atlas Connect product provides coverage in India, primarily for major roads and features basic mapping and routing functionalities", said Reinhard Beschel, global product director.

The recent announcement of the transaction between TomTom and Tele Atlas put the spotlight on the value of map data providers as key enablers of the “location aware” applications market. This new round of funding highlights the interest of venture capitalist firms in this area too.

Source: ContentSutra via All Points Blog

Thursday, August 9th 2007

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