Letstrack, a revolutionary App to App and App to Device solution that goes way beyond just ‘whereabouts’ but also helps you gather quality information that can help you strategize, plan, manage and optimize things you do in your everyday life launched in India in 2016. Started and based at Stratford, East London UK, with a vision to make our society safer, happier and more productive, Letstack is reshaping and reorienting utility of Internet and technology (IOT) to next level.
Letstrack provides analyzed and crystallized practical, quality information served on our Smartphones, Web Browsers and Emails in forms of push notifications, updates, reports and live feeds through easy to understand info-graphics and text for everyday consumption so as to benefit from it with ease. Women and Child Safety, Automobile safety and optimization, Team and Fleet Management are few of the top concerns that will get immediate benefit, support and application from Letstrak App and Devices solutions.
In an interaction with Sujata Sangwan of BW Disrupt, Vikram Kumar, CEO and Founder, Letstrack, talked about his entrepreneurial journey and future plans of the company.
Idea Generation and Startup DescriptionLetstrack is a self-sustained business model where the versatility of the app with its insight driven unique useful/productive features defines demand amongst the potential customer base. These unique useful/productive features are supported by various Devices procured from various OEMs. Whereas app is 100% free the Device cost earns for the company. Trade partners invest in the company for its reach and profitability. Ensuring that the demand for our Devices is high, we invest heavily in our app, refinement of the running features and introduction of new thoughtful/productive feature that are simply incomparable.
Before starting Letstrack, I had a ventures in a few countries and it was very difficult for me to track multiple day to day operational activities such as to know where the sales team is currently, have they visited all the retailers, how much time did they spend on each retailer and what is the output etc leads to develop a Web-based version which in turn was later developed a full-fledged App, by including a lot of useful and proactive feature for B2C and B2B usage.
Differentiation FactorsThe difference is in the way we look at tracking, it’s usefulness and it’s countless application in our everyday personal and professional life.
We are the first International company focussed on the providing security through GPS technology and creating the world which can be connected by a click of a button. We are not just showing vehicles or pets. With letstrack, you can manage your team and know the wellbeing of your family by just a click of a button. We have taken tracking to a new level where it makes your life a lot easier, safer, happier and more productive. It’s a revolution in the whole new way of how you do your day today things in life.
Funding & MonetizationCurrently, the startup is bootstrapped. The aim is to make TRACKING FREE and affordable for everybody and also to show its uses in DAY to DAY life, not just businesses.
Presently we are appointing dealers and distributors to promote the app and devices and just like a normal product selling company we work on a model of 10% Gross Margins per user.
Challenges Faced and People ResponsesI would say creating awareness about the product is the biggest challenge for us. We have been in India, testing our devices and app for close to a year now. One of the other challenge was to set up a service network across India. We are proud that in such a short span of time we have been able to provide service to over 300 cities and 7500 pin codes from day 1 in India.
Traction NumbersWe have tied with LIBERTY Group for selling personal trackers through them. Awarded as one of the Best startups In Delhi by Delhi Government and was invited to showcase our product at the India International Trade fair held in November 2016. We are almost in final talks with some of the Car manufacturers to use our technology in their cars.
Expansion PlansCurrently, we are operational in Punjab, Haryana, Delhi and parts of UP. We are launching in Bangalore In January 2017 and hoping to cover close to 10 states in total within the span of next 9 months.
Marketing PlansWe open each metro city and the state it belongs to at one time. After ensuring we plant the trade and customer with the rotation of need and supply, we allow it to grow organically with the help of marketing support in the smaller cities of the same state. To educate, connect and aware the B2B and B2C audience we use various suitable mass and captive mediums with am a lot of innovation. Other than few new mediums that we intend to use, the marketing is ensuring we use the existing mediums very well.
Market OpportunityAccording to ABI research, the GPS device market in traditional verticals is valued at approximately $2 Billion by 2021. The market is undergoing a significant transition period as traditional markets struggle to find mass-market adoption, yet new technologies and markets will create a lot of upside potential for those that move quickly.
Vehicle tracking market size was valued at $8 billion in 2015 and is anticipated to exceed $ 22 billion by 2022, growing at a CAGR of over 20% from 2016 to 2023.
