India’s first home-grown mapping company MapMyIndia is looking to list in the public market by raising around Rs1,000 crore to Rs 1,200 crore, this week said media reports quoting sources.
According to the source, the digital map maker, which also powers the navigation system in MG Motor and BMW cars in India, is seeking a valuation of ₹5,000 crore to ₹6,000 crore ($681-$817 million).
MapMyIndia’s also gives early investors, including Qualcomm, PhonePe, and Japanese mapmaker Zenrin Co., a chance to exit. The Verma family, which founded the company, will continue to remain promoters.
The government announcing the new geospatial guidelines, relaxed restrictions on mapping by allowing local firms to collect, generate, store and produce geo-spatial data including maps. By 2030, the government expects the geo-spatial products and solutions market to be worth $13.6 billion.
The company, with customers like Flipkart, Amazon, and Coca-Cola, will be the biggest beneficiary of this with an 80-per cent market share in the business-to-business (B2B)mapping industry.
As the economy recovers from the pandemic the Indian companies are rushing into capital markets, with equities at record highs. The strong gain was marked by Food-delivery firm Zomato Ltd in its market debut last month.