Did you know that there is a digital mapping company in India, whose data powers the devices such as Apple Inc.’s Maps and Amazon.com Inc.’s Alexa? That’s right the company’s name is May my India and it will reportedly file for an IPO or Initial Public Offering documents as soon as this Monday.
Mapmy India is backed by the likes of Qualcomm and PhonePe, and it is reportedly targeting an IPO size of around $175 million at a valuation of about $825 million. According to people familiar with the matter, the public offer will entirely comprise secondary shares.
The Okhla, Delhi-headquartered company is well known for its geospatial information which it sells to a broad range of global brands, including Uber Technologies Inc., Mercedes-Benz, McDonald’s Corp. and e-commerce rivals Amazon and Walmart-owned Flipkart.
The geo-spatial market in India is on the rise as the country has relaxed its stringent old controls over mapping and other geographic data earlier this year. This relaxation of rules has led to a boost for companies like MapmyIndia, which enjoy a privileged position relative to international competitors like Alphabet Inc.’s Google Maps.
On the other hand, the foreign mapping players are barred from using high-precision satellite imagery, as well as from collecting street-view data and conducting ground surveys to build up their maps. They are also required to acquire such mapping data specifically from domestic providers.
MapmyIndia is an Indian technology company that builds digital map data, telematics services, location-based SaaS and GIS AI technologies. The company was founded in 1995 and is headquartered in New Delhi with regional offices in Mumbai and Bengaluru and smaller offices across India. It also has international offices in the San Francisco Bay Area and Tokyo.