MapMyIndia Gets Over $2.5 Million In Funding From Nexus India Capital
By Nikhil Pahwa - Thu 09 Aug 2007 03:58 AM PST
Nexus India Capital has announced that it has invested over Rs. 10 crore (around $2.5 million) in CE Infosystems, the Geographical Information Systems company that runs MapMyIndia. Suvir Sujan, MD Nexus India Capital has joined the board of CE Infosystems. This is the second round of funding for CE Infosystems: we’d earlier broken the story that they’d received an undisclosed amount of funding from KPCB and Sherpalo Ventures. It also seems that MapMyIndia v.2008 has been launched. There’s no mention in the release about what the money will be used for.
CE Infosystems powers Yahoo Maps, and has also tied up with Wayfinder and Airtel for GPS, apart from providing business solutions like storelocator and GPS based tracking. In the same GIS domain are Google Maps (harnessing GIS data from users), Hyderabad based SatNav (in which BCCL has a stake). There’s also RouteGuru, but I don’t think they have maps.
This is the fourth investment that Nexus India Capital has announced, the others being Mobile2win, Dim Dim (web collaboration software co) and voice SMS co Kirusa.
Posted in: Portals, Venture Capital
