MapmyIndia Eyes Expansion Of Products Beyond India, Targets SEA And MENA

MapmyIndia Q3 PAT Rises 5% YoY To INR 31.1 Cr, Total Revenue Crosses INR 100 Cr Mark

SUMMARY

The company is in discussions with partners to expand its products and platforms beyond India, targeting regions in Southeast Asia and the Middle East & North Africa

Additionally, as per the CEO, the company will increase participation in the ONDC ecosystem

This comes at a time when the startup's consolidated profit after tax (PAT) surged by 35% in the March quarter of FY24, reaching INR 38.2 Cr, up from INR 28.3 Cr in the same period a year ago

Geotech company MapmyIndia is in discussions with partners to expand its products and platforms beyond India, targeting regions in Southeast Asia and the Middle East & North Africa, CEO Rohan Verma said.

In its 29th Annual Report for FY 2023-24, Verma said, “Looking to the future, I am excited by the vast possibilities ahead of us in terms of sectors we can work with, the reach we can have, and the range of solutions we can offer.”

He added, “We are in conversation with our partners to take our products and platforms to geographies outside India, primarily Southeast Asia and the Middle East & North Africa .”

Verma also said that the company is pleased with the growing adoption of its APIs by consumer-facing tech companies, large ecommerce players, D2C brands, food delivery companies, and travel enterprises to enhance delivery address capture efficiency.

“Additionally, a lot of the Open Network Digital Commerce enabled apps are now starting to use MapmyIndia, allowing us to participate in the increasing ONDC ecosystem.”

This comes at a time when the startup’s consolidated profit after tax (PAT) surged by 35% in the March quarter of FY24, reaching INR 38.2 Cr, up from INR 28.3 Cr in the same period a year ago.

On a quarterly basis, the startup’s net profit increased by 23.2%, compared to INR 31.04 Cr posted in the December quarter. Additionally, the startup’s operating revenue for Q4 FY24 rose to INR 106.9 Cr, a 47.5% increase from INR 72.4 Cr in Q4 FY23.