MapmyIndia Founders Unveil ClarityX To Help Enterprises With AI Insights, Curb Financial Frauds

Geotech startup MapmyIndia’s founders Rakesh Verma and Rashmi Verma have rolled out a new AI venture to offer insights and real-time data to enterprises for making efficient decisions.

The AI driven data and consulting platform ClarityX, in partnership with MapmyIndia, will help enterprise consumers in identifying newer markets and expansion opportunities, optimise costs and resources as well as to reduce risks and frauds, according to a statement.

It is pertinent to note that the new platform is also cofounded by Rakhi Prasad, who is currently serving as the non executive director at MapmyIndia.

“MapmyIndia’s geospatial data with multi-dimensional static and real-time data and extract sophisticated AI driven insights enable ClarityX to go to customers faster with solutions that are concise and accurate. And clarity thus obtained enables businesses to multiply their bottom lines by growing revenues, optimising costs and  reducing risks. The ‘X’ factor, in ClarityX solutions,” said Prasad.

ClarityX claims to offer a “full stack solution” with its own proprietary indices, customisable AI-based analytical models and consultancy solutions. The product line includes district potential index, rural potential index ,sales projection model, risk assessment model, origin-destination analysis, category trend analysis and catchment analysis.

Incorporated a few months earlier to its launch, ClarityX claims to have assisted undisclosed companies with strategic analysis of locations for their expansion.

This comes at a time when Goldman Sachs initiated coverage on the stock of MapmyIndia with a ‘buy’ rating followed by its stock hitting an all-time high of INR 2,745.05 during the intraday trading on the BSE on Friday (June 21).

Founded in 1995, MapmyIndia provides digital map data and GPS-based IoT (Internet of Things) devices for personal navigation, location based SaaS for enterprises.

MapmyIndia’s consolidated profit after tax (PAT) surged by 35% for the March quarter to INR 38.2 Cr, from INR 28.3 Cr for Q4 last year. On a quarterly basis, its net profit surged by 23.2% as compared to INR 31.04 Cr it posted in the December quarter.

The development comes at a time when AI-based data solutions are rapidly being adapted for efficient research.

For instance, US-based tech giant Oracle is reportedly planning to increase its investments in India on AI and data.

It has also unveiled the Oracle Database 23ai, featuring Oracle AI Vector Search which allows users to search for documents, images and private business data across Oracle databases in real-time by leveraging AI algorithms.