MapMyIndia approves QIP worth Rs 500 crore

The company will now seek approval of the shareholders by way of special resolution through postal ballot process, the company said in an exchange filing.

"The company will constitute QIP committee for all matters relating to the further fund raising by the company through QIP," it added.

In the September quarter, CE Info Systems posted a 30.3 percent year-on-year increase in consolidated profit after tax at Rs 33.1 crore. Its revenue grew 19.36 percent to Rs 91.08 crore.

MapmyIndia CEO and Executive Director Rohan Verma said the revenue growth in the April-September period was broad-based, with the automotive and mobility (A&M) technology registering a 23.5 percent growth and consumer technology and enterprise digital transformation solution suite growing 32.2 percent.

Verma is targeting Rs 1,000 crore in topline over the next four to five years.

Also Read: Mark Mobius sees Sensex at 1 lakh in next 5 years; bets on Dreamfolks, MapmyIndia and more

Mark Mobius is among the investors enthused by MapmyIndia, which provides mapping and utility services.

"Seeing MapmyIndia soar confirms our belief in their vision. The company is doing a terrific job in mapping and location technology," he wrote on Linkedin on October 18.

The stock has doubled investors' wealth in 2023. On November 24, it closed at Rs 2,206.05 on the NSE.