MapmyIndia aims fivefold jump in revenue, to Rs 1,000cr by 2023
Digital map firm MapmyIndia expects a fivefold increase in revenue, to Rs 1,000 crore with the introduction of home-level navigation in its maps and from expansion of business overseas over the next five years.
Rakesh Verma, Managing Director, MapmyIndia told PTI.
We started with initial capital of Rs 3 crore in 2004-05 and now we have revenue of Rs 200 crore. With launch of eLoc, that helps in navigating till doorstep, government support and overseas expansion, we expect to garner revenue of Rs 1,000 crore in the next five years
He said that now people can visit MapmyIndia and create own digital location code, eLoc of office and home on the map and use it as an alternative to their postal address.
A six-character code is created automatically as digital address on the map. This code can be shared by them with whosoever they want for easy and accurate navigation till their doorstep. The map will even show floor number of person who has opted for eLoc, Verma said.
He said that MapmyIndia has fed 20 million eLocs on the map and is being used by government agencies at present.
We have started working with Central Board of Direct Taxes since October 2016 for location intelligence tracking. It is also being used for Pradhan Mantri Ujjwala Yojana for LPG distribution. We expect more government departments to adopt it, Verma said.
The company has partnered with the Indian Space Research Organisation and its national satellite imagery service called Bhuvan, and the indigenous positioning system called Navic, to enhance its map and navigation technologies.
Verma said that the company has started exploring business expansion overseas this year as it now has developed sufficient technologies to back its map offering. Last year, Flipkart had renewed its focus on MapMyIndia.