Digital mapping company, MapmyIndia, set to file IPO

MapmyIndia, a digital mapping company whose data powers Apple Inc.’s Maps and Amazon.com Inc.’s Alexa in India, will file initial public offering documents as soon as Monday, Bloomberg reports.

MapmyIndia sells its technology and geospatial information 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 company is backed by Qualcomm Inc. and Walmart Inc.-owned payments startup, PhonePe and is targeting an IPO size of around $175 million at a valuation of about $825 million.

The offering will be comprised entirely of secondary shares. The company is also backed by Japanese mapmaker Zenrin Co.

Founded by husband and wife, Rakesh and Rashmi Verma, in the early 1990s in one of the most challenging countries for mapping.

Coca-Cola was among its early clients and used the firms’ topography services to support logistics and distribution.

Last year, MapmyIndia devised a Covid-19 dashboard with real-time mapping of containment zones, testing centers, and hospitals across the country, making it available to hundreds of millions of users.

Earlier this year, India relaxed its controls over mapping and other geographic data in hopes of spurring innovation in the startup scene. This move provided a boost for companies like MapmyIndia, who enjoy a privileged position relative to international competitors like Alphabet Inc.’s Google Maps.

Rakesh and Rashmi Verma who still run the company will continue to be promoters at the time of the IPO.

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