MapmyIndia Q3 revenue rises driven by growth in consumer tech business
Digital maps maker MapmyIndia reported a 4% rise in net profit as it expanded its global footprint during the quarter ended December 31, 2024.
C.E. Info Systems, the parent entity of MapmyIndia, reported a 24.5% year-on-year (YoY) rise in revenue for the three months ended December 31, 2024, helped by growth in its consumer tech segment.
The company reported quarterly revenue from operations of Rs 114.5 crore, compared with Rs 92 crore earned in the year-ago period.
Consumer Tech and Enterprise Digital Transformation (C&E), which includes its consumer-facing app Mappls, reported a 39% YoY rise in revenue to Rs 65 crore.
MapmyIndia cited that partnerships drawn with quick commerce players as well as Banking Financial Services and Insurance (BFSI) companies helped boost growth in the C&E segment.
Additionally, the company also reported a 4% YoY rise in profit after tax during the quarter to Rs 32.3 crore, compared with Rs 31.1 crore earned in the corresponding quarter last year.
“In Q3 FY25, we successfully operationalised the joint venture with Hyundai Autoever in Indonesia, marking an important step in expanding our global footprint. As part of our long-term strategy, both the Mappls App and the Mappls brand will continue to be an integral part of the organization,” said Rakesh Verma, Chairman and Managing Director, MapmyIndia.
The comment on MapmyIndia’s long-term strategy comes a month after it faced criticism over a proposed business-to-consumer venture by the company’s outgoing CEO, Rohan Verma. Under the plan, MapmyIndia would acquire a 10% stake for Rs 10 lakh in this new venture and invest an additional Rs 35 crore through compulsory convertible debentures.
Investors and analysts questioned why the consumer-facing business could not remain within MapmyIndia or as its subsidiary as this would align better with shareholder interests.
In response to the backlash, MapmyIndia reversed its decision to invest in the new company, announcing it would not proceed with the planned equity or debt investment.
The company, additionally, also approved the allotment of 16,612 equity shares of Rs 2 apiece at an issue price of Rs 12.15 per share to eligible employees under its employee stock option plan.
Edited by Kanishk Singh