HyperTrack raises $7 million from Nexus Venture, Founders Fund
Bengaluru: HyperTrack, a start-up that helps businesses track products and people in real time, has raised $7 million in a Series A round from venture capital firms Nexus Venture Partners and Founders Fund.
HyperTrack was founded in October 2015 by Kashyap Deorah, a serial entrepreneur and the author of The Golden Tap, a book on Indian start-ups, and Tapan Pandita, who together pooled in $300,000 to launch the venture. The company had raised $1.5 million last year from angel investors in Silicon Valley. In February, Helion Ventures co-founder Ashish Gupta joined the company’s board.
“HyperTrack has been testing for a year with Asia’s leading companies and clocks over 1 million hours tracked per month. Forward thinking companies use HyperTrack to build and operate live location features in delivery (Zomato), service (HouseJoy), travel (MakeMyTrip), transport (Redbus), logistics (Delhivery), sales (Toppr) and more,” Deorah said in an email.
HyperTrack 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 also offers a consumer app called Send ETA, which allows users to track a trip live with an option of sharing real-time movement with friends. HyperTrack is Deorah’s fourth start-up—he has started and sold three companies over the past 15 years. He is also an angel investor in over 20 companies in India and the Silicon Valley. Deorah founded Chalo, a payments app which was acquired by OpenTable in 2013. Before that he founded Chaupaati, a phone commerce marketplace, sold to Future Group in 2010. He served Future Bazaar as president for over two years.
“I predict that within the next two years, several as of now unimaginable applications would be enabled using this (HyperTrack’s) technology,” said Nexus managing director Naren Gupta. “Some applications will combine location with other micro-services like payments, identity, or communications. We are also likely to see applications for business use. For example, a sales or service person may receive relevant information based on their current location or expected future location. As new applications become location powered, we are also likely to see HyperTrack offer unique location-related capability, analytics or service,” Gupta said in a post on Medium, a content platform, on Monday night.