Sequoia Capital invests US$7 Million in SatNav Technologies

Hyderabad, June 12, 2008: SatNav Technologies today outlined its vision to bring to the mass market a variety of Navigation Solutions relevant for everyday use. These solutions will cater to millions of consumers who can access SatNav products in their mobiles, cars and computers. By making the solutions available at the fingertips of users in their day to day lives, SatNav aims to change the face of navigation in India.

SatNav also announced that India’s leading Venture Capital firm, Sequoia Capital has invested USD 7 Million in the company. SatNav will use the funds to enhance its current product portfolio as well as boost the depth of its map content which is the backbone of all its products.

"Our vision for the GPS space since 1999 has been to offer mass market affordable solutions that are also best in class. SatGuide is an extremely popular brand today and we believe that our new initiatives will now help us reach out to a much wider cross- section of people who would love to use GPS related applications for their day to day needs," said Mr. Amit Prasad, Founder & MD, SatNav.

He further added "Sequoia Capital’s investment in SatNav is an acknowledgement of the significant gap between our standing and that of others in the GPS industry. We are glad to have Sequoia Capital as a partner, their experience in consumer businesses and understanding of the local market will bring a lot of value to us and assist us in building further on our market leadership position in India."

SatNav believes that this partnership will help them continue to serve their customers, stakeholders and partners with the highest level of product quality and service standards that they have always strived to achieve.

Mr. Mohit Bhatnagar, Operating Partner of Sequoia said, "Sequoia Capital is excited to partner with SatNav, a market leader in GPS navigation. We believe that SatNav has a wide variety of solutions that millions of consumers can access in their homes, offices, or when traveling on the roads through their mobile phones, computers and personal navigation devices."

SatNav will enhance location based experiences to users on their mobile phones. In another variation of its offerings, subscribers will also be offered options that will help them keep a track of their children and elderly by effective usage of GPS technologies available today. SatNav will also offer solutions that will enable customers to access real-time internet solutions, local search, social networking and user generated content, etc through a host of delivery models.

The SatGuide software can be purchased directly from the website at www.satguide.in or by calling the call center at 040-66777333 which is open from 6 am to 11pm everyday. These products will also be available through the 2000+ channels across India.

Source : Equity Bulls

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