MapmyIndia Achieves 31% Revenue Jump, PAT Grows 45% YoY In FY22

MapmyIndia, the location tech unicorn that competes with Google Maps, has announced its Q4FY22 quarterly results and FY22 annual results.

The listed startup’s revenue from operations was at INR 200 Cr during FY22, up 31% from the INR 153 Cr during FY21. The last quarter was significantly positive for MapmyIndia, as it recorded revenues of INR 57 Cr during the quarter, up 32% from the quarter before.

From the company’s investor presentation, it seems that MapmyIndia’s platform and IoT business generated the most revenue. During FY22, the map and location data business generated INR 83.1 Cr in revenue, while the platform and IoT revenue stood at INR 117.3 Cr.

Founded in 1995 by Rakesh and Rashmi Verma, MapmyIndia is a location tech startup that has been mapping locations in India since its inception. According to the company’s website, it has mapped more than 6.29 Mn kilometres of road in India, recording almost 18 Mn places to date.

MapmyIndia counts more than 2,000 enterprise customers, including the likes of tech giants such as Apple and Amazon, carmakers BMW, Honda, Toyota and Mercedes and cab aggregators such as Uber and Ola, among others.

According to its red herring prospectus (RHP), MapmyIndia already commands a 90% market share in the automotive maps market.

The company’s dominant position in its segment has allowed it to notch up profits for several fiscal years. FY22 was no exception, with MapmyIndia recording a profit after tax (PAT) of INR 87 Cr, up 45% from the INR 60 Cr it recorded the previous year.

The company’s total expenses stood at INR 125 Cr in FY22, up 11% from INR 113 Cr that it had incurred during FY21. For the quarter ended March 2022, the expenses stood at INR 35 Cr, up 16% from INR 30 Cr in the quarter ended December 2021.

During FY22, MapmyIndia made two acquisitions. In March 2021, the company acquired Gtropy Systems, a startup that works in vehicle tracking solutions. MapmyIndia acquired a 75.98% stake in Gtropy for INR 13.5 Cr. MapmyIndia said that the acquisition will allow it to improve its vehicle tracking capabilities.

In December 2021, the company acquired a 9.99% stake in Pupilmesh, an automotive tech startup working in metaverse-based augmented reality solutions. 

MapmyIndia is looking at augmented reality solutions to bring heads-up displays and helmets for four-wheelers and two-wheelers, and investing in Pupilmesh is a step in that direction. 

In a conversation with Inc42, the company’s CEO Rohan Verma said that 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.

The company added in its investor presentation that India’s digital map services market size was expected to rise to $4 Bn by CY25 and India’s mobility navigation solutions and telematics market size was expected to rise to $37.8 Bn by CY25.

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