With Expansion Plan To 50 Countries, IoT Startup Letstrack Secures Seed Funding Of $1.7 Mn
Post setting its camp at the US-headquarters in March 2016, Letstrack came to India in November 2016 with its GPS enabled tracking solutions and since then has expanded its presence to 30+ regional cities including key markets such as Punjab, Haryana, Delhi and Bengaluru. In order to penetrate deeper into the Indian market, the startup has raised $1.7 Mn in a Seed funding round from a US-based investor, James Arthur at a valuation of $17 Mn.
James will be joining Letstrack as the COO and will be focussing on bringing international expansion forward with an anticipated launch to 50 countries by 2020.
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 towards which 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), added, "For me, it was a no-brainer because James was not only bringing money but also dedicating the next 10 years 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."
The startup further claims to have accelerated with 30% month-on-month growth since James joined in as the COO. The funding round is now aimed at bringing additional talent into the company at the highest level, to expedite the international expansion.
Letstrack is aiming to reshape and reorient the utility of Internet of technology (IOT) to the next level. It provides analysed and crystallised practical, quality information served on the smartphones, web browsers and emails in the form of push notifications, updates, reports and live feeds through easy to understand info-graphics and text for everyday consumption so as to benefit from it with ease.
Women and Child Safety, Automobile Safety and Optimisation, Team and Fleet Management are few of the top concerns that Letstrack App and Devices solutions are targeting to address. Lestrack Kido, Letstrack Personal Tracker, Letstrack Bike Series, Letstrack Basic+ and Letstrack Prima are few of the key devices, which are currently available in 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 its pan India service coverage," as stated by a company official in a media statement.
Letstrack currently works on a commission-based model majorly for B2B engagements, with a gross margin of 10-15%.
The GPS enabled tracking market is globally operating in three segments including Standalone Tracker, OBD Device and Advance Tracker, and are catering to the needs such as geological exploring, transportation, logistics and personal use.
The major drivers of its growth in India include the deeper penetration of smartphones and Internet, as well as the entry of mapping companies like MapMyIndia and Google. A few of the popular Indian startups offering GPS-enabled tracking for multiple purposes include Asset Tracker, Trak N Tell, Autosense, CaRPM, HyperTrack, Rollr, SafeKar along with a plethora of women and child safety, as well as vehicle tracking apps.
Plus, as the Indian government has started addressing the concerns of the Indian startup ecosystem as well as given the cue to aggressively adopt technologies such as AI, IoT, ML and more in the Union Budget 2018, the scope of opportunities has now become wider.
In such a scenario, it is expected that Letstrack will have to face a considerable competition locally in the country. With its plans to expand to 50 more countries, will Letstrack be able to maintain its foothold in India, will be interesting to watch.