Debasis Mohapatra
Bengaluru, 23 June 2024
MapmyIndia, which builds digital map data, telematics services, location-based SaaS, and GIS AI technologies, is expecting a turnover of around Rs 1,000 crore in the next three years. The company clocked a revenue from operations of Rs 379.4 crore in the last fiscal year (FY24), up 35% over the previous year.
With rising demand for its navigation services along with IoT-based offerings, the company is optimistic about achieving the milestone.
“Our order book achievements give us further confidence that we are on track to our stated milestone of crossing Rs 1,000 crore revenue by FY27/FY28. Our open order book grew 49% to Rs 1,372 crore at the end of FY24, which bodes well for our future revenue. This was based on annual new order bookings in FY24 of Rs 834 crore, a growth of 63% year-on-year,” Rakesh Verma, CMD of MapmyIndia said in an investor presentation released after its Q4 earnings.
The company said that while its Map & Data revenue grew 23% to Rs 138 crore, its Platform & IoT revenue grew 42% to Rs 241 crore.
“More than 2.5 million new vehicles (4-wheelers, 2-wheelers, and CVs, across ICE and EV segments), went built-in with MapmyIndia Mappls, up from 1.9 million during FY23, showing faster than industry growth uptake of our Auto N-CASE suite of map and technology solutions amongst automotive OEMs, including new-age EV companies. Further, we achieved 52% growth in the number of IoT devices installed during the year to 2.9 lakh, which led to significant growth in our IoT-led business,” CEO of the company, Rohan Verma has said.
EBITDA margins for the last fiscal year stood at 41% despite the share of IoT-led business increasing to 30% of overall revenue.
The company said that the rising adoption of connected vehicles in the marketplace provides an excellent growth opportunity for the company.
Last week, Goldman Sachs said that the company is well-poised to benefit from an early leadership position in fast-growth end markets. Currently, it enjoys over 80% market share in automotive OEM navigation software. The stock price of MapMyIndia (CE Info Systems Ltd) surged 26.89% last week to close at Rs 2,503 on NSE.
