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Adviser MONEY MAKING MC
11 July 2016
In a move to speed up the availability of
internet-connected cars in India, WhatsApp Co-Founder Brian Acton with other
global business leaders on Monday announced they will invest an undisclosed
amount in Trak N Tell -- a Gurgaon-based car tracking telematics solutions
startup.
Founded in 2007, Trak N Tell is owned and
operated by automotive telematics technology company Bits N Bytes Soft Pvt.
Ltd. The Total Investment &
Insurance Solutions
“We are happy to see rising interest in the
‘connected cars’ space in India. This funding is indicative of the same and a
global appreciation of our attempt to endorse the Make In India initiative,”
said Pranshu Gupta, CEO of Trak N Tell, in a statement. The Total Investment & Insurance Solutions
“We
will launch a superior safety solution for individual car and bike owners in
the country. Our aim is to offer an Indian version of connected cars that are
available in Europe and North America,” he added.
Trak N Tell will deploy the raised funds towards
product development and business expansion. The Total Investment & Insurance Solutions
The
company currently provides a GPS product that enables car owners and fleet
owners to track their vehicles. It also allows for predictive engine failure,
preventive maintenance notification, fuel monitoring system and more.
“Pranshu has extremely interesting plans for
the Indian automotive market and I'm very excited to help him scale his
business further as an investor. It is great to be part of Trak N Tell,” added
Acton. The Total Investment &
Insurance Solutions
According
to the global research firm IHS Automotive, 60 percent of all cars sold in the
US (about 10 million) will be connected to the internet by 2017.
Globally,
it is estimated that there are 23 million connected cars on the road today with
projections for 152 million by 2020.
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