- It intends to raise ₹1,040 crore IPO, giving partial exits to MapMyIndia’s cofounder Rashmi Verma and Qualcomm.
- The price band for the public issue has been fixed at ₹1,000-₹1,033 and the lot size has been set at 14 equity shares.
- MapMyIndia competes with other global giants such as TomTom, Here Technologies, MapBox, Google Maps, ESRI, Trimble and more.
CE Info Systems — the parent company of MapmyIndia — opened its initial public offering (IPO) for subscription on Thursday, December 9.
The company was founded in 1995 by Rakesh and Rashmi Verma, and it is currently led by Rohan Verma. The company builds digital map data, telematics services, location-based software-as-a-service (SaaS) and geographic information system (GIS) services.
“MapMyIndia is essentially a business-to-business (B2B) and business-to-business-to-customer (B2C) platform,” MapmyIndia’s chief executive (CEO) Rohan Verma highlighted. The company has over 500 customers, including PhonePe, Flipkart, Yulu, HDFC Bank, Airtel, Hyundai, MG Motor, Avis and Safexpress as its customers.
It has also partnered with the government of India for Pradhan Mantri Gram Sadak Yojana, (PMGSY), Rural Housing (RH) Sampoorna Gramin Rozgar Yojana (SGRY) and Swaranjayanti Gram Swarozgar Yojana (SGSY) and other schemes. It is working on projects with the Central Board of Direct Taxes (CBDT) and Goods and Services Tax Network (GSTN) in mapping direct and indirect tax sources in the country.