India's first home-grown mapping company is looking to list in the public market at a Rs 6,000-crore valuation
India’s first home-grown mapping company MapMyIndia is looking to list in the public market by raising around Rs 1,200 crore at a Rs 6,000-crore valuation. Sources said the company is ready with its draft red herring prospectus documents and is likely to file as early as next week.
While the money will be used for business expansion, it will also give MapMyIndia's 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 move comes close on the heels of the government announcing the new geospatial guidelines, liberalizing policies on the production of maps and geospatial data.
The liberalized mapping policy allows private Indian firms to use high-precision satellite imagery of 1 meter and below without any regulator permission. The permissions that had to be obtained from multiple agencies and could take up to a year had hamstrung the growth of private mapping companies which wanted increased usage of high-precision maps for various industries, such as logistics, agriculture, and e-commerce delivery.
Rohan Verma, chief executive officer of MapMyIndia, in an interview after the policy was announced had said the move will be a watershed moment for the company. It will open up business for the mapping and geospatial industry worth around $14 billion by 2030.
The company, with an 80-per cent market share in the business-to-business (B2B) mapping industry with customers like Flipkart, Amazon, and Coca-Cola, will be the biggest beneficiary of this.
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