Indian digital mapping company MapmyIndia is likely to file its initial public offering documents on Monday. The company is looking to raise Rs 1,200-1,300 crore through its IPO at a valuation of Rs 5,500 crore. The firm whose data powers Apple Inc’s Maps and Amazon Inc’s Alexa in India is backed by Qualcomm Inc and Walmart-Inc-owned payments app PhonePe.
The offering will comprise of secondary shares, said people in the know to Bloomberg.
Based in Delhi’s Okhla, MapmyIndia sells its technology and geospatial information to a range of global brands including Uber Technologies, Tata Motors, Honda, Toyota, BMW, Mercedes-Benz, McDonald’s Corp, Amazon as well as Flipkart.
The market for geospatial data and services in India is one of the fastest-growing in the world. The government estimates it to be worth $14 billion by 2030. MapmyIndia too has seen its share of profits. In fact, it is a profitable company unlike many other startups.
MapmyIndia got a boost from India’s revamped rules over mapping and geographic data this year. Foreign companies are barred from using high-precision satellite imagery, gathering street-view data and conducting ground surveys, which gave a leg-up to MapmyIndia.
Formed by husband-and-wife duo Rakesh Verma and Rashmi Verma, MapmyIndia is also backed by Japanese mapmaker Zenrin Co. The Vermas plan to run the company and remain promoters at the time of the IPO, the report stated.
The company was last valued at Rs 1,600 crore when it raised capital from Flipkart in 2015. Lightbox and Nexus Venture Partners that backed the company checked out when Flipkart entered.
Also read: Byju’s eying an IPO in the next 15-18 months