Flipkart-backed GPS navigation and location-based services provider MapmyIndia, which is operated by New Delhi-based CE Info Systems Pvt. Ltd, has acquired Bengaluru-based VIDTEQ for an undisclosed amount, it said in a statement.
VIDTEQ, which is run by VidTeq (I) Pvt. Ltd, was founded by Chandra Thimmannagari and Navada Muraleedhara in May 2008. VIDTEQ’s VideoMap technology allows users to view the video clip of a route between two locations within a city.
The company claims to have 'video mapped' more than 20 cities in India. Its products also include Drone View, Map View and 360 Interior/Exterior View. Besides, VIDTEQ owns mapmyhome.com, a portal that lists new real estate projects.
Rakesh Verma and Rashmi Verma, Founder, MapmyIndia, said, "Our business is growing fast, with a CAGR of 40% year on year over the last decade, healthy profitability and an 80% market share in the location intelligence sector."