Letstrack, an IOT based GPS tracking startup is looking to raise around $ 8-10 Million in Pre-Series A round of funding by the coming month. With the funds, Letstrack has plans to expand to more geographies and add more supplier/distributor base.
With the team of 250 people, Letstrack experienced a successful growth with a growth rate of 300-600%. Launched in 2016, the current valuation of the company is $169 million.
Currently, Letstrack is the first voice integrated vehicle security system. It is a global real-time instant messaging and tracking app and devices for smartphones, tracking devices and browsers.
Letstrack is both a B2B and a B2C product. With its unique and multi-dimensional user experience combined with other bundled services and products, Letstrack is one of its kinds in the GPS tracking industry.
Letstrack current presence spreads across different geographies from Pan India to different countries like Srilanka and Bangladesh. They are currently expanding to the U.S. as well. After the US, Letstrack has plans to launch their operations shortly in Europe and North America as well.
Speaking about the funding plans, Mr. Vikram Kumar, Founder & CEO, Letstrack, stated, “Before looking out for next funding plans, we were aiming to set up our distribution channel. After achieving it all, we are set to expand to other countries and to raise funds. Also, usually most of the startups either grow or is profitable, but Letstrack is a rear combination which has grown both exponentially and profitable at the same time.”
After reaching the touch point of 20,000 distribution channels, Letstrack has major client like Ola, Uber, Delhi Police, Honda, Liberty, Driver Easy etc. By 2020, Letstrack aims to be seen as an established and recognized force in the US market. Raised $1.7 million in seed funding, it is looking to secure pre series A round of funding.