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REPORT
Homegrown Mapping Company Shows Rapid Growth Indigenously developed MapmyIndia is moving up the geospatial value chain post its Initial Public Offer. The company has moved beyond digital maps to IoT platforms and provides end-to-end software solutions to customers. By Jitendra Choubey
M
apmyIndia (MMI), India’s indigenously developed navigation and mapping technology company, which competes with Google Maps, registered a stellar performance in its debut Initial Public Offering (IPO) in December 2021, creating a buzz in the competitive market. GEOSPATIAL ARTHA Volume 01 » ISSUE 02
This happened at a time when many big players like Paytm had failed to live up to market expectations. Since then, the total market value of MMI has increased to over USD 1 billion (approximately Rs. 8,000 crores). It has made two acquisitions, inroads into drone technology, and partnered with the Indian
Space Research Organisation (ISRO) to do quality 3D mapping.
Response to IPO According to Rakesh Verma, founder of MMI, “We required funds to move up the value chain, so we chose to go for an IPO. We needed to accelerate ourselves as the sector started thriving due to the government’s liberalized geospatial policy.” The public offering received an overwhelming response from bidders and was subscribed 155 times. It made a great debut at the Bombay Stock Exchange (BSE) and at the National Stock Exchange (NSE), which resulted in the net worth of its founders rising to Rs. 4,400 crores (USD
