HyperTrack, which helps businesses in tracking products and people in real time, has raised $7 million in its Series A round of funding from venture capital firms — Nexus Venture Partners and Founders Fund.
This is the second funding round raised by the company. Earlier last year, the company had raised $1.5 million in seed funding from angel investors in the Silicon Valley. In February, Helion Ventures co-founder Ashish Gupta joined the company’s board.
Commenting on this development, Nexus managing director Naren Gupta said:
I predict that within the next two years, several as of now unimaginable applications would be enabled using this (HyperTrack’s) technology. Some applications will combine location with other micro-services like payments, identity, or communications.
We are also likely to see applications for business use. As new applications become location powered, we are also likely to see HyperTrack offer unique location-related capability, analytics or service.
HyperTrack was founded in October 2015 by Kashyap Deorah and Tapan Pandita, who together pooled in $300,000 to launch the venture. This is Deorah’s fourth start-up. He has started and sold three companies over the past fifteen years. He is also an angel investor in over twenty companies in India and the Silicon Valley. He also worked at Future Bazaar as president for over two years.
The company provides pay-per-use software for businesses to track people and goods live on a map. It wants to cater to businesses across the world. Apart from its core product for businesses, the company is also offering a consumer app called ‘Send ETA’, which allows users to track a trip live with an option of sharing your real-time movement with friends.
It already works with more than 100 firms across more than 30 countries. The company has created a software which extends tracking services on B2B, as well as C2C front. It has been launched with a vision to creating a global technology firm from India.
Its list of clients includes on-demand logistics company OkHi in Kenya, ride-sharing company Carpool Arabia in Dubai, Mumbai-based healthcare services start-up Care24 and an online education start-up called Toppr.
The company says that it is solving a deep technology problem. Its focus is to continue building a superior product, engage deeper with customers and build the world’s best team for location-based services.