MapmyIndia Plans INR 500 Cr Fundraise via QIP to Fuel Geotech Expansion

• ByStartupStory     |    November 27, 2023

Mapping and geotech startup MapmyIndia, listed on the stock exchange, intends to raise up to INR 500 Cr through the issuance of equity shares via a qualified institutional placement (QIP), as per an exchange filing.

The company’s board has greenlit the fundraising, aiming to issue equity shares with a face value of INR 2 each, not exceeding INR 500 Cr via QIP, allowing listed Indian firms to raise funds by selling shares to qualified institutional buyers (QIBs).

MapmyIndia’s plans now await shareholder approval for the QIP, as mentioned in the filing. Additionally, the company will establish a QIP committee to oversee the fundraising process.

Reporting a 30.4% YoY increase in profit after tax (PAT) to INR 33.1 Cr in Q2 FY23-24, MapmyIndia observed positive momentum across its business divisions. Its EBITDA reached INR 40.5 Cr in the reviewed quarter.

Having launched an IPO worth INR 1,040 Cr in 2021, MapmyIndia faces competition from Google in India’s maps and geospatial data domain, collaborating with Ola and other companies for mapping services.

Verma detailed these gadgets, such as CarEye, an innovative dashcam enabling remote vehicle monitoring via the Mappls app, along with infotainment systems and a heads-up display helmet for two-wheeler riders, Navisor.

The decision to opt for a QIP by MapmyIndia aligns with the recent move by another tech company, RateGain, to choose the same fundraising route. Last week, the traveltech SaaS startup concluded a successful INR 600 Cr capital raise through the QIP route.

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