Letstrack is an IoT based vehicle tracking security system that was launched in 2016. It is a global real-time instant messaging and tracking app and devices for smartphones, tracking devices and browsers; it is both a B2B and a B2C product. It provides analysed and crystallised practical, quality information served on smartphones, web browsers and emails in the form of push notifications, updates, reports and live feeds through easy to understand infographics and text for everyday consumption.
With its unique and multi-dimensional user experience combined with other bundled services and products, this venture positions itself as one of its kind in the GPS tracking industry. "We have experienced a successful growth, with a growth rate of 300-600%," says Vikram Kumar, founder & CEO, Letstrack. Having started with five employees, it now has a team of more than 350 people.
The idea started with the times where managing and analysing the productivity of sales team was very difficult, explains Kumar. Hence, it came up with the idea of Letstrack where it could easily track sales teams and their workings.
"Sometime later, we realised that tracking had much bigger requirements other than just managing sales teams. This led to the launch of the software in India with a hardware-based solution to provide security to millions of vehicles, families and assets," he says. "Today, tracking is a routine part of our everyday lives. Be it booking a cab, to ordering food, or waiting for a delivery, there is one thing common among all these-tracking."
With the rise in demand for top-notch tracking and security solutions, Letstract sees a lot of scope for innovation in this industry. "We conduct rigorous research and testing just to ensure that each and every product is used based on the requirements of the customers. For example, a small match box sized device is used to track children, providing the much-needed security and safety in their lives and peace of mind to the parents," says Kumar.
During the initial years, Kumar explains that Letstrack was competing with over 25,000 companies. "They had been providing the same services for over four years at a very competitive price and it was really tough for us to maintain our position. But now, we have a team of more than 350 people and we have experienced a successful growth. The current valuation of the company is $169 million," he says.
After reaching the touch point of 20,000 distribution channels, Letstract has started working with several state governments like Delhi and Karnataka governments, Election Commission of India, State tourism and transport ministries, Railways, Bangalore Metro, Bihar Police and many private sector banks as well. "We have over 500 top corporate clients including Exide, Honda, Orix, etc. The services which we offer are extensively used by Ola, Uber and other companies. By 2020, we are aiming to be seen as an established and recognised force in the US market."
Letstrack has already raised $1.7 million in seed funding, and we are now looking to secure pre-series A round of funding. Says Kumar, "The future is looking promising for us, and we have our own set of goals and are working on executing them. Right now, we are the leaders with 20% market share and we intend to take over 50% share of the market in the near future. Our company's vision-Anything that moves can be tracked, is a big picture in itself. We are not here working day to day, but we have a long-term goal."