New Delhi-based MapmyIndia, a digital based mapping firm is looking to raise go for an initial public offering (IPO) in the coming months.
The 1995 founded company is likely to raise $175 Mn through the public market and is expected to file its draft red herring prospectus, a filing which includes details of the offer along with company’s financials and other information, with the market regulator – SEBI. The startup offers its technology with Apple’s Maps and Amazon’s Alexa for users conveniences and is looking to raise the above mentioned amount at a valuation of $825 Mn.
It was last valued at approx $208 Mn (INR 16,00 Cr) when it raised capital from Flipkart in 2016.
As per a Bloomberg report, the offer will entirely be based on secondary shares, meaning the shares that are already held by the existing investors thus the company will not issue any fresh shares – a move done often by companies filing for IPO. MapmyIndia now joins a very handful of companies/startups such as fashion ecommerce startup Nykaa, online automobile classified platform CarTrade that are profitable and are going for IPO.
According to Tofler, MapmyIndia posted a revenue of INR 148.63 Cr from its operations with a profit tuning to INR 25.34 Cr in FY 20. The company’s net worth back then was pegged at INR 298.36 Cr. The recent slew of Indian tech startups that went public or are looking ahead to try their fate in the public market such as Zomato, MobiKwik, Paytm, Freshworks are yet to be profitable.
Founded by Rakesh Verma who did his masters in business administration from Eastern Washington University and was a general manager at Bank of India, MapmyIndia offers solutions in digital map data and APIs, GPS navigation, tracking, location apps and others.
Apart from Apple and Amazon, it also offers its solutions to cab hailing company – Uber, premium car manufacturer – Mercedes-Benz, global fast food chain McDonald’s Corporation, ecommerce marketplaces – Amazon and Walmart-owned Flipkart.
Interestingly, the company also is backed by Walmart along with global SOC provider – Qualcomm. The company’s move for going IPO comes shortly after the Centre relaxed its stringent over mapping and other geographic data earlier this year. In February this year, the central government’s Department of Science and Technology gave access to its geospatial data and services which included maps to Indian companies.