Indian technology start-up Birds Eye Systems today said that it has raised funds from US based electronic chip firm Qualcomm's investment arm to expand its operations. The company in a statement said that it has raised" fresh round of funding from Qualcomm Incorporated, through its venture investment group, Qualcomm Ventures."
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Name of Founder (s): Ravi Khemani, Brijraj Vaghani
Revenues: Pre Revenue
Industry Travel and Transportation
What it offers: The idea behind Birds Eye System's flagship product, Traffline, is to provide real time traffic information on the roads. The information is provided across all medium like web, applications, SMS, email, social media and call center. The company has started off with providing real time road traffic information and will evolve to other types of information that users need on the road.
Growth Details & Expansion Plans: As of now Traffline is live in three cities of Mumbai, Delhi and Bangalore and in the next year take plans to expand to 10 cities. The company also plans to increase the type of information which it provides so that people on the road have varied and valid information.
Investors & Amount raised: The company raised Rs. 20 lakh from Centre for Innovation, Incubation and Entrepreneurship (CIIE) as seed investment and Rs. 2 crore from Indian Angel Network (IAN). The company recently raised an undisclosed Series A investment from Matrix Partners.
Power of Ideas 2012: Start-up Birds Eye Systems provides real-time traffic updates on web and mobile for consumers
Brijraj Vaghani and Ravi Khemani founded the aptly named Birds Eye Systems to provide real-time traffic updates on the web and mobile for consumers.
The duo, who spent a few years in the US, found the traffic information services there very useful. Spotting a place for such a system here, they worked on the technology and the business model for over a year.Also see: The Economic Times presents The Power of Ideas
"The turning point was when we were chosen as finalists in the 2010 edition of Power of Ideas and were selected for incubation at IIM-A," says Vaghani. They launched a mobile taxi booking application, Taxi Go, in September 2011 and launched their flagship product, Traffline, earlier this year. The company, which claims to have around 1,000 visitors per day, raised Rs 2 crore from Indian Angel Network in April this year.
"IIM-A introduced us to IAN and the whole process took around three months, " says Vaghani. Birds Eye intends to start offering customised solutions to map providers and logistics companies. They also plan to tie up with telecom operators to provide traffic updates on pre-selected routes to subscribers in the forms of text messages.
While the updates on the website and the mobile phone are available free of cost, the company plans to earn revenues from the value added services that they will provide to other businesses.
According to Vaghani, more than the funding, it is the mentoring that matters in the initial stages of scaling up. "Our investors help us on everything, from industry introductions to strategy and administration," he adds.