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SatNav Raises $7 Million From Sequoia Capital India

SatNav IndiaSatNav Technologies has raised $7 million in a first round of funding from Sequoia Capital India. The amount of stake diluted has not been disclosed, though Mohit Bhatnagar, Operating Partner with Sequoia says that it’s a significant minority stake, and two members have joined the board. SatNav was incubated at Satyam Computers, under the Satyam Entrepreneur Incubation Program. Here’s a brief on the various players in the consumer GIS space (in no particular order):

Comparison of various players in the maps/GIS space in India

ARPU and Projections: SatNav claims that it had revenues of around $1 million last fiscal, and 22000 users. That’s an ARPU of $45.5. They’re now targeting 2 lakh users by the end of this fiscal, and assuming an ARPU of $35, they should have revenues of $7 million by then; at least a 7x increase in revenues. Of course, this calculation depends on whether the numbers they’ve mentioned in the press are correct or not.

Burn Rate: FE reports that the funds should see SatNav through the next 12-18 months. That’s a burn rate of between $389,000 – $583,000 per month, or between Rs. 1.6 – 2.5 crores per month. Where will that money go?

For Products, Targets and BCCLs Private Treaty Legacy click

Products: SatNav has a map site called RoadsofIndia, a PDA software SatGuide and a Personal Navigation Device. Pricing details here. SatGuide offers voice prompts in 8 languages: Bengali, Gujarati, Hindi, Kannada, Marathi, Oriya, Tamil, Telugu and English. The other significant player in this market is MapMyIndia, with funding from Nexus India Capital, and the KPCB & Sherpalo Ventures combine.

Putting the money to use: for marketing, to increase the customer base, as well as for increasing the number of cities covered by the maps to 72 from 40. RoadsofIndia.com needs a lot of work. I wonder if SatNav will work as an infrastructure player – just providing their data for others to build on – for mashups and location based services. If you notice, RouteGuru is providing their services as a mashup on Google Maps.

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BCCL Exits? I don’t think so: BCCL had taken a Private Treaty stake in SatNav, and the funding story in ET has no disclosure of BCCLs initial investment, or whether they have exited. I would be surprised if they have, since the GIS is yet to take off, and the private treaty deals usually involve advertising/editorial space for inventory.

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