MapmyIndia receives $9 mn funding from Qualcomm Ventures

NEW DELHI: Digital maps and navigation services provider MapmyIndia has received $ 9 million funding from Qualcomm Ventures, the venture capital arm of the global wireless technology major Qualcomm and a few other investors.

In a strategic partnership with Qualcomm, MapmyIndia will leverage the former's technology to strengthen its services in the country and explore overseas opportunities.

"Through the partnership, we will leverage Qualcomm's leading wireless technologies to grow in the telecom, automotive and internet ecosystems--handset manufacturers, mobile operators, automotive manufacturers, hardware vendors, chipset providers, and application developers," MapmyIndia MD Rakesh Verma told PTI.

Apart from Qualcomm Ventures, the other investors are Kleiner Perkins Caufield Byers, Sherpalo Ventures and Nexus India Capital, who had invested USD 3 million earlier.

MapmyIndia is now looking at expanding its presence overseas as well.

"After the acquisition of Navteq, the field has been opened. We are examining and have plans for venturing overseas in 2010-11," Verma said declining to give further details.

MapmyIndia provides digital maps, location-based services and GPS navigation in the country on handheld devices, mobile phones and automobiles.
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