MapmyIndia's revenue up 35% YoY, profits remain consistent
Digital mapping company CE Info Systems—better known as —reported a marginal increase in its consolidated profits for the second quarter of FY23 compared to the previous quarter.
The Delhi-headquartered unicorn, which powers Apple Inc's maps in India, clocked a profit of Rs 25.37 crore in Q2 FY23—a mere rise of 4.1% compared to the previous quarter. The startup made a consolidated profit of Rs 25.39 crore in the same quarter a year ago.
It reported a revenue of Rs 76 crore in Q2 FY23—a 35.7% year-on-year (y-o-y) growth. The startup had clocked Rs 56 crore in revenue in Q2 FY22.
The company’s revenue has also increased by 17% compared to the previous quarter when the startup reported Rs 65 crore.
In H1 FY23, MapmyIndia reported a consolidated profit of Rs 53 crore—an 8% rise compared to H1 FY22.
“Q2 FY23 was an exciting quarter for us, with lots of action on all fronts and we’ve ended H1 FY23 on a strong note. Revenue growth for H1 FY23 vs H1 FY22 continues to be broad-based with A&M (Automotive and Mobility Tech) up 55% and C&E (Consumer Tech and Enterprise Digital Transformation) up 29% on the market side. On the products side, Map and Data was up 32% and Platform and IoT was up 49%,” said Rohan Verma, CEO and Executive Director, MapmyIndia.
During the first half of FY23, the company also witnessed a 41% y-o-y growth in revenue. It reported Rs 141 crore in revenue during that period.
In FY22, the startup acquired Gtropy Systems, a company that provides GPS-based vehicle tracking solutions, for Rs 13.5 crore. Gtropy serves varied industries like transportation, schools, rental car services, food and beverage services, telecom, and heavy equipment, among others.
“Our newly acquired Gtropy business grew fast in Q2 FY23, doubling revenue vs Q1 FY23. As the scale and subsequent-year high margin SaaS income of Gtropy and our IoT-led business kicks in, Gtropy will enhance its contribution to consolidated profitability of the group,” said Rohan.
During the same period, the startup also acquired a 9.99% stake in automotive tech and augmented reality metaverse tech company Pupilmesh for Rs 49.95 lakh.
Founded in 1995, MapmyIndia offers digital maps, geospatial software, and location-based IoT technologies serving B2B and B2B2C enterprise customers. The company offers digital maps-as-a-service, software-as-a-service (SaaS), and platform-as-a-service (PaaS).
Edited by Kanishk Singh