Chief government and government director Rohan Verma advised ET that the choice to go in for an preliminary public providing was as a result of overwhelming response to current listings by startups in addition to the policy push for geospatial options within the nation.
In February, the federal government eased rules governing the acquisition and utility of geospatial knowledge, permitting non-public companies to make use of high-precision satellite tv for pc imagery — of one-metre and beneath. In accordance with the coverage, abroad companies akin to Google Maps also can supply such knowledge from Indian firms’ native servers, although they can not themselves personal that knowledge.
“Not solely has the client ecosystem began understanding the B2B and B2B2C internet-based enterprise fashions, the federal government’s stamp on the geospatial coverage earlier this yr was additionally an enormous catalyst,” Verma stated.
MapmyIndia had over 500 clients on the SaaS, PaaS and MaaS platforms, together with PhonePe (which additionally holds 36% share within the firm), Flipkart, Yulu, HDFC Financial institution, Airtel, Hyundai, MG Motor, Avis, Safexpress Logistics and the Items and Service Tax Community. It competes with the likes of ESRI, Trimble, TomTom, Right here Applied sciences and Google Maps throughout segments.
In accordance with a report by Frost & Sullivan, the entire Indian addressable marketplace for digital maps and location-based intelligence companies will contact $7.74 billion in 2025, at a compounded annual development fee of round 15.5% from 2019 onwards.
It will likely be the fourth worthwhile startup to make a public market debut this fiscal yr after the likes of magnificence market Nykaa, journey dealer ixigo and used automotive market CarTrade.
In recent times, he stated the addressable consumer base has expanded due to elevated consciousness about geospatial options and use instances.
Within the earlier fiscal yr, the corporate’s order bookings grew 3.3x over FY19, following larger demand for its options throughout the automotive sector, in keeping with its draft crimson herring prospectus (DRHP). The corporate primarily earns income from its licensed software program mapping options.
The 26-year-old firm filed its DRHP with the Securities and Exchanges Board of India (Sebi) in late August. Its IPO will see an offer-for-sale of as much as 7,547,959 fairness shares at a face worth of Rs 2 every, amounting to round 19% of the post-offer paid-up fairness share capital. Stakeholders like Walmart-backed fintech agency PhonePe, chip maker Qualcomm and Japanese map writer Zenrin shall be offloading some stakes by the IPO, in keeping with the DRHP.
“Whereas our options are geography agnostic, we even have a world answer and plenty of of our options have gone multinational as our shoppers went international; India positively is the core focus. We additionally need to faucet the worldwide alternative, however not at the price of India…,” stated Verma.
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