MapMyIndia, a New Delhi-based digital mapping product firm that powers Apple maps, is likely to file the DRHP documents in the next couple of days, according to people familiar with the development.
The company is targeting IPO of Rs 1,000-1200 crore with a valuation of Rs 5,000-6,000 crore, with the likely filing of documents expected on Monday evening or Tuesday, a source in the know said. The development was first reported by Bloomberg.
MapMyIndia is one of the few profitable internet companies that are going for IPO. Other profitable companies that are going for IPO are Nykaa, and CarTrade, which was listed recently. After Zomato’s successful listing in July 2021, other companies that are looking at IPO include Paytm, PolicyBazaar, and Droom.
MapMyIndia (MMI) was founded in 1992 by Rakesh and Rashmi Verma. The company has a 90 percent market share in the automotive space and counts top automakers such as BMW, Tata, Honda and Toyota as its clients. The company also powers, maps of Apple and Amazon’s Alexa.
It also works with startups such as ride-hailing firm Ola, digital payments major PhonePe and cycle-sharing platform Yulu as well as government organisations like the Central Board of Direct Taxes for their mapping product. The company has only in the recent time started focusing on the consumer-map business, which is dominated by Google.
MMI’s revenue comes from licensing map products, its services and solutions such as GPS tracker.
The company's revenue from operations stood at Rs 149 crore for the year ending March 31, 2020 and net profit was Rs 24 crore.
According to data provided by Tracxn, the company’s revenue for the year ended March 31, 2019 was Rs 162 crore, against Rs 161 crore in the previous year. Profit for the same period stood at Rs 39 crore and Rs 35 crore, respectively. Between 2015 and 2017, revenue grew from Rs 115 crore to Rs 140 crore.
The latest it raised funds was in 2015, from Flipkart, when it was valued at Rs 1,600 crore. The deal gave an exit to older venture capital funds like Lightbox and Nexus Venture Partners. The company counts Qualcomm and Zenrin, a Japanese map publisher, as its other investors.