MapmyIndia, The Indian Competitor Of Google Maps (image: App Store)
MapmyIndia, started in 1995 by Rakesh Verma and Rashi Verma, claims to be India’s most comprehensive GPS navigation and tracking solutions provider. MapmyIndia gives door-to-door directions to users. This includes traffic updates, speed-limit alerts, and pothole warnings.
According to Forbes India report, MapmyIndia has mapped nearly 18 million locations in India so far. This comes in addition to over 6 million km of road and captured nearly 15 million addresses in India. The company delivers various services to corporates, including fleet tracking, geospatial planning, and field force management. MapmyIndia is an early mover in the country”s digital mapping ecosystem and is widely considered a domestic competitor of Google Maps.
The Mappls app by the new Delhi-based MapmyIndia already has over 10 million downloads. Forbes India also mentioned in its report that the firm licenses its data and software to several clients in the automotive, banking, and e-commerce sectors. It is worth mentioning that MapmyIndia currently services over 850 clients.
CE Info Systems, which owns MapmyIndia, has registered total revenues of Rs 253 crore in the last fiscal, with net profits of Rs 108.75 crore. The majority of this profit comes from providing mapping services to other companies, including Apple, BMW, and Amazon. In November 2023, the board of directors of the company gave its nod to the proposal for raising funds up to ₹500 crore via the qualified institutional placement (QIP) route. This fund raise is expected to enhance the long-term growth strategy of MapmyIndia. Growth in international business and the drone as a service business is part of MapmyIndia”s long-term plan.
In 2021, the central government announced modifications to the country”s mapping policy. Indian companies are expected to get opportunities to create substantial advances in mapping. According to Forbes India report, CE Info Systems has witnessed an 87 percent rally in its share price over the past year with the announcement of new geospatial policy. Meanwhile, the country”s geospatial economy has been projected to cross Rs 63,000 crore by 2025, as per the Geospatial “Artha” Report 2021.
According to Forbes India report, MapmyIndia is also turning its attention to artificial intelligence (AI) and machine learning (ML), along with Metaverse. The company also secured a contract worth ₹400 crore for providing map and connected services to Hyundai and Kia Motors OEM business in the Indian market. This significant contract is for the next five years.
