- Thursday, April 25, 2024
By: Shubham Ghosh
DIGITAL mapping company MapmyIndia, which powers Apple maps in India, has filed draft papers with domestic market regulator Sebi (Securities and Exchange Board of India) to raise funds through an initial share-sale.
The company did not reveal the value of the IPO, but according to a source that spoke to Reuters on Monday (30), the offering could be worth Rs 10-12 billion ($137.13-$164.56 million).
The New Delhi-based MapmyIndia also powers navigation systems in MG Hector and BMW vehicles in India.
Reuters also reported citing one informed source on Monday that the company was seeking a valuation of Rs 50-60 billion ($681-$817 million).
MapmyIndia’s early investors include Qualcomm, Walmart Inc-backed PhonePe and Japanese mapmaker Zenrin.
Among other customers of the company are Yulu, HDFC Bank, Hyundai, Airtel, Safexpress and Goods and Service Tax Network.
Earlier this year, India relaxed restrictions in mapping by allowing local companies to collect, generate, store and produce geo-spatial data including maps.
The government expects the geo-spatial products and solutions market to be of $13.6 billion by 2030.
The offering comes at a time when Indian firms are rushing into capital markets with equities at record highs as the economy recovers from the Covid-19 pandemic.
