MapMyIndia, company which backs Apple Maps, to file for IPO the upcoming Monday: Report

The firm also receives a backing from Qualcomm Inc. and Walmart Inc.-owned payments startup PhonePe, is targeting an IPO size around $175 million at a valuation of about $825 million, people associated added. The offering will be comprised entirely of secondary shares, he averred.

MapMyIndia, powered by Apple Inc., is a digital mapping company which is all set to appeal for an IPO by latest Monday, averred people associated with the business operations. The company is also backed up by Amazon.com Inc.’s Alexa which facilitates in scaling location via., maps.

The firm also receives a backing from Qualcomm Inc. and Walmart Inc.-owned payments startup PhonePe, is targeting an IPO size around $175 million at a valuation of about $825 million, people associated added. The offering will be comprised entirely of secondary shares, he averred.

The Okhla, Delhi-based enterprise confers its technology and geospatial information and data to a wider range network of global brands, such as Uber Technologies Inc., Mercedes-Benz, McDonald’s Corp. and Flipkart.

Initially named CE Info Systems Pvt, was founded by Rakesh Verma and Rashmi Verma emerged as the most successful start-ups. Likewise other high-profile establishments the company’s geospatial data and services across the country has proved to be propitious with a net worth of $14 billion by the fiscal year 2030 as per the government data.

“MapMyIndia was founded by Rakesh Verma and Rashmi Verma, the husband-and-wife duo who continue to run the company and will remain promoters at the time of the IPO,” people acquainted with the official documentation averred. This company also possesses a backend support by Japanese mapmaker Zenrin Co., one of the most known outlet for scaling locations.

On the verge of the pandemic, MapmyIndia deployed a Covid-19 dashboard system that conducted real-time mapping of containment zones, testing centers and hospitals around the national boundaries to facilitate an easier search for its users.

Source Business Standard
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