The Business Model Of MapmyIndia | Funding, Marketshare and More

PV Vyshnavi PV Vyshnavi Anik Banerjee Anik Banerjee
Aug 6, 2022 10 min read
The Business Model Of MapmyIndia | Funding, Marketshare and More

MapmyIndia is known to be one of India’s most comprehensive GPS navigation and tracking solutions providers, which engages the users on multiple platforms. The New Delhi-based company first started its venture online as C.E Infosystems back in 1995 and eventually migrated into consumer navigation devices, fleet-tracking solutions for taxi and trucking companies, and mobile apps. Today, the company offers an entire API stack, IOT devices, and a map app and is also a strong competitor to the global giant Google's mapping app.

The company has so far mapped over 10.54 million unique destinations, expanded its coverage to over 6.29 million kilometers of the road network, 7068+ cities at street level along with address level for 80+ cities. It also covers 600K+ villages and 3D and 2D landmarks in 86+ different cities. It has so far recorded 18+ million places. Not only that the company has also divulged into offering a variety of different services. It offers services like navigation functionality, tracking and telematics, and location-based analytics.

MapmyIndia has its own API stack through which the company aids developers who are looking to build interesting and unique apps powered by a geo-locational element such as OLX, Flipkart, and smart parking systems. The company now has 5,000 enterprise customers. It also claims to have captured an 80% market share in revenue in the location intelligence space.

It has more than 2,000 customers on its SaaS platforms, which are used for fleet management, location analytics, etc. among other things, made possible because of the successful business model that MaymyIndia brandishes. Other smaller players that compete with MaymyIndia in the IoT-powered GPS devices segment include Asset Tracker, TrakNTell, and CaRPM.

MapmyIndia - A Brief History about MapmyIndia
MapmyIndia - Products and Services the Company Offers
MapmyIndia - Business Model
MapmyIndia - Revenue and Financials
MapmyIndia - Market Share and Funding of MapmyIndia

How MapmyIndia works

MapmyIndia - A Brief History about MapmyIndia

 Rakesh and Rashmi Verma, The founders of MapmyIndia
Rakesh Verma and Rashmi Verma, The founders of MapmyIndia

MapmyIndia is an Indian technology company that builds digital map data, telematics services, location-based SAAS, and GIS AI services. The company has its headquarters in New Delhi, regional offices in Mumbai and Bengaluru, and an international office in the San Francisco Bay Area. MapmyIndia was founded in the year 1992 by Rakesh Verma and Rashmi Verma. The company had its humble beginning when the couple launched a startup called C E Info Systems Pvt. Ltd. in New Delhi.

The company initially started working upon developing a web mapping technology and providing products and services required for enhancing marketing and logistics efficiency in the existing organizations in the country. MapmyIndia launched the first Indian interactive digital mapping portal in 2004, which provided free, customized, location-based services.

In 2010, MapmyIndia launched a GPS navigation service called Road Pilot, preloaded with Indian cities, villages and destinations and destinations. As of 2018, it has 5000 plus enterprises customers and over 250 million consumers benefit directly and indirectly from its services. MapmyIndia has also expanded to countries like Sri Lanka, Bangladesh, Bhutan, and Nepal and soon plans to release maps for the different parts of the world.

During the trying times of the pandemic, the company launched a Covid19 dashboard that mapped containment zones and Covid19 testing and treatment centers across India in real-time and made it available for millions of users free of cost. This immediate move benefitted many users needing this information, whereas Google was slow to respond and released it many months later. It also won the Government of India's Atmanirbhar App Challenge for its consumer app.

In December 2021, MapmyIndia parent company, the valuation or the market capitalization of the company currently stood at over $1.03 Bn.

MapmyIndia - Products and Services the Company Offers

MapmyIndia is well known for its services like Navigation, Tracking, IoT, Analytics, and web mapping service for desktop and mobile devices. The company also offers advanced GPS tracking devices, car in-dash infotainment, and plug and play on-board diagnostics, car trackers. The navigation service features street-view, public transit information, and turn-by-turn navigation with spoken instructions for vehicles. The main services that the company offers are:

  • Professionally curated and continuously updated detailed maps that offer unmatched coverage - These maps enable web and mobile applications, with the most granular house-level building data, live traffic, location-based demographics, and socio-economic data.
  • Real-time data visualization and big data analytics to make more informed decisions - Maps provide a visual context that helps customers to increase productivity, involving location like site selection & resource allocation that helps with efficient business growth.
  • Smart mobility platform for sale, convenient and efficient mobility - The company is focused on building technology platforms for connected vehicles and travelers paving the road for autonomous multi-modal and safe mobility.
  • Connected Vehicle IoT ensures the safety and security of vehicles, people, and assets - The company also believes in providing a secure, intelligent, and modular location-based IoT platform, providing accurate and reliable maps with live traffic, road conditions, safety alerts, driving patterns, and other travel services.

MapmyIndia Launched Panoramic Street View Experience

MapmyIndia announced the launch of a panoramic, street view feature, which will be similar to the panoramic, three-dimensional experience of Google Street View. This technology, which is refered to as Mappls RealView, will help the users explore the cities of India almost as Google offers. Currently, Mappls RealView covers metropolitan areas and cities including Bengaluru, Delhi NCR, Greater Mumbai, Chennai, Pune, Hyderabad, and Jaipur. Besides, it also covers nearly 100,000 kms of highways, which links these cities and towns. The repository of Mappls RealView currently consists of 40+ Cr geo-tagged panoramas, videos, and panoramas, as of July 28, 2022.

A metaverse-like experience has also been launched by MapmyIndia, via Mappls. This now features numerous tourists, commercial and residential landmarks and more, across India. In order to create a 3D experience, the listed startup has revealed that it uses satellite imagery data from the Indian Space Research Organisation (ISRO).

MapmyIndia - eLoc: Electronic location as a key to Digital Address

MapmyIndia has presented eLoc (electronic Location) as the country’s key to digital addresses. eLoc by MapmyIndia helps in finding the electronic location of any place, be it a building, flat, office, business, city, village, locality, road, and so on, is a short, 6 character code (for e.g. 8GDTYX, or MMI000). This is easy to remember, share, type, and provide. eLoc claims to provide a comprehensive, accurate, and precise door-step level, 3D digital map database, and turn by turn navigation solution.

eLoc is essential when a person, business, or official searches for a place by entering the code. They can see the precise map location of the place beside its location, such as reviews, photos other information provided by the place’s owner, businesses, and government. MapmyIndia updates its digital database every quarter and takes into account the feedback of the enterprise's customers, individual users, on-ground staff, and its own surveyors as well.


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MapmyIndia - Business Model

When Rakesh and Rashmi Verma first started out to build their own startup they were determined to do something for the country and thus, decided to make it their life’s goal to build the country’s first digital map based on a database of India. This was a difficult task in the beginning because India is known to be vast and with varied geographical and topographical diversities. This is why they decided to make their own database, "Top Down and Bottoms Up".

The Top Down system included that the company digitally traced whatever paper maps were available using tablets and other IT and electronics devices. On the other hand, the Bottom Up was meant to survey different parts of the country. The team of MapmyIndia played an important role in surveys as they had to practically walk down the streets and by-lanes of the country and also conduct field surveys.

The company has a customer-funded business model and has had popular companies like Coca-Cola, Marico, Hindustan Unilever, and the Indian defense service as their enterprise customers. All of these were possible due to its team of more than 400 surveyors, post-physical and satellite surveys, and most importantly, its 25 years of research. The company now has a repository of more than 2 Cr data points, including 3D data visualizations, telematics, and navigation systems under its belt.

Map Data collection work

The company not only sends more than 400 surveys in the field but also collects hundreds of attributes like footprints, doorsteps, floor numbers, flat numbers, and photographs of every location. It is because of this information that the company has created a digital map of the country of inter-connected information with all those geographical markers and coordinates. MapmyIndia has also entered into more than 100 strategic partnerships with tech and marketing companies, to facilitate the process of data collation faster.

Four Key Markets of MapmyIndia

In terms of the verticals, MapmyIndia addresses four key markets:

  • Direct consumers (through free and paid app/maps)
  • Automotive (40% of revenue)
  • Mobile Internet (20%) and
  • Enterprises and government (40% of revenue).

MapmyIndia - Revenue and Financials

MapmyIndia QoQ Financials

The operating revenue in Q1 FY23 of MapmyIndia, grew by 50.2% to stand at Rs 65 crore when compared to the revenue it received in the corresponding quarter in FY22.  

The expenses of the company also increased by 37.5% in Q1 FY23, when compared with the Rs 27.4 crore expenses it registered in Q1 FY22. The expenses of MapmyIndia in Q1 FY23 are registered at Rs 37.7 crore.  

The PAT of MapmyIndia rose 17.5% YoY in the first quarter of FY23, to become Rs 24.2 crore.

MapmyIndia YoY Financials

MapmyIndia's revenue from operations was close to Rs 200 crore in FY22. The company earlier registered Rs 153 crore in operational revenue, which grew by 31%. The revenue from operations of MapmyIndia was previously noted to be Rs 135.2 crore and Rs 149 crore in FY19 and FY20 respectively.

The expenses of MapmyIndia rose only slightly, by 11%, up from Rs 113 crore in FY21 to become Rs 125 crore in FY22. MapmyIndia expenses were earlier registered at Rs 120.16 crore in FY19 and Rs 131.78 crore in FY20.

MapmyIndia profits after tax (PAT) stood at Rs 87 crore in FY22, which witnessed a 45% rise from Rs 59.4 crore worth in profits in FY21. The profits were earlier Rs 33.6 crore in FY19 and Rs 23.2 crore in FY20.

MapmyIndia Financials FY19-FY22
MapmyIndia Financials FY19-FY22

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MapmyIndia - Market Share and Funding of MapmyIndia

MapmyIndia cloud mapping services are used by many well-known tech companies such as Paytm, PhonePe, Amazon, Alexa voice, Flipkart, Uber, Ola, Grofers (now Blinkit), for various things like planning, operations, and customer experience. The company also offers advanced navigation and location services to the vehicle manufacturer and has a 95% market share in GPS navigation in India. It also claims to have 5,000+ enterprise customers with an 80% market share in the location intelligent space.

MapmyIndia Funding

MapmyIndia has so far raised $34 million in venture capital financing in the three rounds since 2007 from Lightbox Ventures, Nexus Venture Partners, Qualcomm Ventures, and Zenrin. In 2015, Flipkart announced that it has acquired 34% stake in the company for Rs 1,600 crore and provided a successful exit to MapmyIndia's early investors. Over the years, the firm's value has more than tripled due to the increase in the adoption of its technologies.

Date Name of the Funding Round Deal Value Lead Investors
May 1, 2014 Venture Round - Lightbox
February 15, 2009 Series C $9 mn Qualcomm Ventures
August 10, 2007 Series B $25 mn -
April 19, 2007 Series A - -

MapmyIndia IPO

The company filed its draft offer documents with the Securities and Exchange Board of India (SEBI) on August 31, 2021. In its IPO, MapmyIndia was initially expected to go with an offer-for-sale of up to 7,547,959 equity shares by shareholders at a face value of Rs 2 each. This amounted to around 19% of post-offer paid-up equity share capital.

C.E Info Systems, MapmyIndia's parent company, has increased its total IPO offering to 9,589,478 equity shares, as per the reports dated October 20, 2021. MapmyIndia parent has received SEBI's approval for its IPO that will consist only of an offer for sale (OFS) from the promoters and the existing shareholders and would offload up to 9,589,478 equity shares, as per the reports dated October 30, 2021. C.E Info Systems had gone live with its IPO on December 9, 2021, where it has seen a strong response from retail investors. The IPO was subscribed around 0.53 times or 53%, as per the reports on 11 am on the same day.

The IPO of MapmyIndia parent witnessed a subscription of over 154 times, as reported on December 13, 2021. The upper limit of the IPO price band was at Rs 1,033, where the offer attracted bids close to Rs 1.12 lakh crore, as disclosed on the same date. The MapmyIndia shares were listed at Rs 1581, which is a 54% premium to its IPO price of Rs 1033 per share.  


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FAQs

When was Mapmyindia founded?

Mapmyindia was founded in 1995 by Rakesh Verma and Rashmi Verma.

Which is the parent company of MapmyIndia?

CE Info Systems Ltd is the parent company of MapmyIndia.

Who is the owner of MapmyIndia?

Rakesh Verma and Rashmi Verma are the owners of MapmyIndia. He is the Chairman and Managing Director of MapmyIndia.

How does MapmyIndia earn?

MapmyIndia earns through different sources like:

  • Direct consumers (through free and paid app/maps)
  • Automotive (40% of revenue)
  • Mobile Internet (20%)
  • Enterprises and government (40% of revenue).

What are the premium features of MapmyIndia?

The premium features of MapmyIndia are:

  • House/Building level navigation for 337 cities
  • 3-D landmarks across 90 cities
  • Junction views for easy navigation at complex junctions
  • Lane Guidance in 900+ cities and along National Stretches
  • Text-to-speech
  • Visual & Audible lane guidance
  • Signpost 52000+ cities
  • Audible signpost.

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