Mapmyindia is the most popular company in India that builds digital maps and geospatial software. However, recently the company struck gold through this year’s market boom. The pandemic-induced demand for online services and e-commerce has made Mapmyindia the most prominently used digital map provider. Having sprung into existence in the year 1992, Mapmyindia was beginning to take baby steps towards digital map sharing. With the increase in public internet access, the demand for geospatial software has increased.
Mapmyindia made big bucks after the IPO.
When the founders of Mapmyindia Rakesh and Rashmi Verma first came up with building a map-sharing technology, they decided to travel by foot to different cities and bring mapping and technology together. The humble beginnings of the founders made them the millionaires that they are today. The Mapmyindia IPO was open for investors from December 9 to December 13. Contrary to the beliefs, the digital map-sharing company gained huge responses from the top stakeholder. The last day of the bidding witnessed 154.71 subscriptions.
Post-IPO bid, Rakesh and Rashmi’s owners now own 54% of Mapmyindia. The prime reason for the stock exchange debut of the company’s success is the data model. It has given a head start to the Rakesh and Rashmi in map-sharing. Map my India has captured more than 99.99% of India by making each city, town, etc., part of their software.
Even though Google maps has dominated over the android phones with its pre-installation features, Mapmyindia has become the popular name amongst the popular automakers like BMW AG and Daimler AG’s Mercedes Benz and marquee global brands like McDonalds.
How Mapmyindia will change the future of Map sharing technology
The logical step taken by the owners of Mapmyindia was to go public. Because the new rules of gathering mapping and geographic data set by the government of India compel foreign companies to buy the data of the same directly from Indian-owned companies. It provided an intermediary option to Mapmy india to capture all the local markets. Thus, it has a 95% market share of GPS navigation in total.
In future, Mapmyindia is planning to capture more than 200 countries into their software platform. It will help people know these locations and allow the company to expand its horizons beyond India. Most of all, one thing is clear the demand for geographical mapping data is set to increase further, with the Government of India intending to project 14 billion $ by the end of the decade.
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On the whole, with Mapmyindia making big bucks after the IPO, we can expect an increase in demand for such local map sharing and geospatial software. Furthermore, in the coming years, Mapmyindia will expand its space beyond the defined horizons.