MapmyIndia files DRHP with SEBI for IPO

MapmyIndia, the digital mapping firm, has filed Draft Red Herring Prospectus (DRHP) with the Securities Exchange Board of India (SEBI) for its initial public offering (IPO), with plans to raise around Rs 1,200 crore.

The IPO of MapmyIndia will be an offer for sale of 7.55 million shares from its existing shareholders and promoters, comprising of up to 3.07 million shares by Rashmi Verma, up to 2.03 million shares by Qualcomm Asia Pacific, and 1.03 million shares by Zenrin, sources said.

For the financial year 2020-21, it reported a contribution margin of 83 percent, EBITDA margin of 35 percent, PAT margin of 31 percent, and a net profit of Rs 59.43 crore.

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Founded in 1992, MapmyIndia is promoted by Rakesh and Rashmi Verma. This is a data and technology products and platforms company, offering proprietary digital maps as a service (MaaS), software as a service (SaaS) and platform as a service (PaaS), and is a provider of advanced digital maps, geospatial software, and location-based IoT technologies.

MapmyIndia charges its customers subscription fees, royalties, and annuities in return for providing licenses and usage rights to its proprietary digital MaaS, PaaS, and SaaS offerings.

The maps of MapMyIndia cover 7.5 lakh villages, more than 7,500 cities at street and building-level, connected by all 63 lakh kilometres of road network pan India.

The early investors in MapmyIndia include Qualcomm Ventures, PhonePe, and the Japanese mapmaker Zenrin.

It counts top automakers such as BMW, Tata, Honda, and Toyota as its clients, besides startup enterprises like Ola, PhonePe, and Yulu as well as government organisations including Central Board of Direct Taxes.

MapmyIndia says most of its products, platforms, and solutions are digital, created in-house, and then deployed and delivered over the cloud.

In February, Indian Space Research Organisation (ISRO) and location and navigation technology solutions provider MapmyIndia announced an initiative to partner together to offer fully indigenous, mapping portal and geospatial services.

The government has also liberalised the rules regarding mapping where it has allowed domestic firms to collect, generate, and produce geospatial data, including maps.