MapmyIndia Achieves 31% hike in Revenue , PAT Grows 45% YoY In FY22
- ByStartupStory | May 24, 2022
MapmyIndia is an indigenous app founded in 1995 by Rakesh and Rashmi Verma, expertises in providing digital maps, geospatial software, navigation, telematic services, location based on GIS AI technologies and SaaS. The company’s headquarter is located at New Delhi with regional offices in Bengaluru and Mumbai.
The location tech unicorn has mapped 6.29 million km till date and has reportedly recorded 18mn places. It counts 2,000 or more enterprise customers together with technology giants like Amazon, Apple, Toyota , Mercedes and many more.
The start-up’s revenue was at INR 200 cr during FY22, 31% up from FY21 when the revenue was INR153 Cr. Buying 75.98% stake in Gtropy for INR 13.5Cr in March 2021 and 9.99% stake in PupilMesh, automotive tech startup in December 2021, mapindia is notching up profit for several years ,FY22 being no exception. Mapindia’s PAT( profit after tax) in FY22 was 87 Cr,45% up from 60 Cr which was recorded last year in FY21.
Mapindia mentioned in the investor presentation that by CY25 India’s digital map services market size is expected to rise to $4 Bn and India’s mobility navigation solutions and telematics market size is expected to rise to $37.8 Bn by CY25.
Reports of Red herring prospectus state that the company already holds 90% of market share in automotive maps market. MapmyIndia offers the most comprehensive, foundational and accurate digital map for the entire country, with over 8,000 cities and towns in detail in high-definition 2D and 3D, added the CEO.
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