MapMyIndia files red herring prospectus with SEBI to launch IPO of 75 lakh equity shares

Digital mapping company MapMyIndia has now filed a draft red herring prospectus (DRHP) with capital market regulator SEBI to raise funds through an initial share sale. The company, which also powers Apple maps, has filed the preliminary papers to launch the initial public offering (IPO). MapMyIndia, also known as CE Info Systems, is backed by global tech company Qualcomm along with Japanese digital mapping Zenrin.

MapMyIndia IPO: All we know

According to the draft of the prospectus, the company is putting up 75,47,959 equity shares by existing shareholders and a promoter for sale. The offer for sale (OFS) comprises the sale of up to 30,70,033 equity shares by Rashmi Verma and up to 20,26,055 equity shares by Qualcomm Asia Pacific Pte Ltd. Up to 10,27,471 equity shares by Japanese backers, Zenrin Co Ltd. is also up for sale. Axis Capital, JM Financial, Kotak Mahindra Capital and DAM Capital Advisors are the lead managers to the issue. The IPO is expected to be launched by next year if green flagged by the SEBI. 

What is MapmyIndia?

MapmyIndia is a technology company that is recognised for offering premium-quality digital map data in India. It is also highly popular for offering GPS navigation, APIs, tracking, GIS AI services, and location apps. The company was founded in 1995 and is headquartered in New Delhi, with offices across the country. MapmyIndia has been working on online maps since the early 2000s before moving on to producing consumer navigation devices, mobile apps, fleet-tracking solutions for cab aggregators and other such companies. After years of success, the technology company is known as one of the top comprehensive GPS navigations and tracking solutions providers in India.

A bit about its business

As per the draft, apart from the Apple products, MapmyIndia maps is also used by payment gateways like Paytm, PhonePe and e-commerce platforms. Major food delivery platforms like McDonald's, Grofers and car dealers, Cars24 also use the company product. Store locators by companies like SBI Branch Locator, Bajaj Finserv, Prasar Bharti DTH Dealer locator use the services of MapmyIndia. MapmyIndia has also been a partner with the Indian government. The mapping company’s business model is based on customer royalty charges, subscriptions, and annuities in return for providing licenses and usage rights to its intellectual property-based digital map data, platforms, APIs and software. 

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