You’re reading it here first. ContentSutra has learned that CE Infosystems, the company which runs online map site MapMyIndia has received an undisclosed amount of investment from venture capitalist firms Sherpalo Ventures and Kleiner Perkins Caufield and Byers. Sources tell us that the funding agreement was signed sometime early last year, and the money was received around September.
Sandeep Murthy, Partner, Sherpalo Ventures, who also handles the investments for Kleiner Perkins in India confirmed the investment to ContentSutra, but didn’t comment on the amount of investment. What is the money going to be used for? Murthy says that CE Infosystems has been in the Geographic Information Systems (GIS) business for 10 years now, and has been continuously evolving their data collection mechanisms. The money is going to be used for creating the highest quality GIS Information and converting it into navigable information. “They’ve got a great base,” says Murthy, “but we can help speed up that evolution process, as well as boost marketing efforts.”
But what about the exit strategy? Murthy says that there’s no rush, and the exit will take care of itself over time. MapMyIndia provides map information for Yahoo! Maps India. In October, we’d reported on the launch of the 2007 version of MapMyIndia.