MapmyIndia
Mainboard₹1,040 Cr issue
+53.05%
Listing gain over issue price
Issue size
₹1,040 Cr
1 lot at cut-off
₹14,462
Lot size
14shares
Open
09 Dec 2021
Close
13 Dec 2021
Allotment
16 Dec 2021
Listing
21 Dec 2021
Listing performance
Issue price
₹1,033
Listed at
₹1,581
Listing-day close
₹1,394.55
Latest price
₹820.30
Close on 23 Oct 2026
Listing gain
+53.05%
Return since issue
-20.59%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 09 Dec 2021 – 13 Dec 2021
- Listing date
- 21 Dec 2021
- Face value
- ₹2 per share
- Issue price
- ₹1,033 per share
- Lot size
- 14 shares
- Total issue size
- ₹1,040 Cr
- Market cap at offer price
- ₹5,500 Cr
- Promoter holding
- 61.70% → 53.72% pre-issue → post-issue
- ISIN
- INE0BV301023
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Axis Capital Ltd.
- Registered office
- First, Second, & Third Floor, Plot.No.237, Okhla Industrial Estate, Phose III, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 30,19,183 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 14 shares per lot, in multiples, at ₹1,033
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 14 | ₹14,462 |
| Retail (max) | 13 | 182 | ₹1,88,006 |
| S-HNI (min) | 14 | 196 | ₹2,02,468 |
| S-HNI (max) | 69 | 966 | ₹9,97,878 |
| B-HNI (min) | 70 | 980 | ₹10,12,340 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
30,19,183
Anchor portion
₹312 Cr
at ₹1,033 per share
Valuation and performance
Valuation at offer price
₹1,033 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| Market cap | — | ₹5,500 Cr |
About MapmyIndia
C.E. Info Systems Limited, incorporated in 1995 and operating under the MapmyIndia and Mappls brands, is a data and technology products and platforms company offering proprietary digital maps as a service, software as a service, and platform as a service. The company provides products, platforms, APIs and solutions across digital map data, software and IoT to technology companies, automotive manufacturers, and businesses across BFSI, telecom, FMCG, and logistics sectors, as well as government organisations. Revenue grew from ₹1,352.55 million in FY2019 to ₹1,524.63 million in FY2021, with significant exposure to both consumer technology/enterprise digital transformation (47.52% of FY2021 revenue) and automotive/mobility technology (52.48% of FY2021 revenue) segments.
Company Analysis
from RHPC.E. Info Systems Limited is India's leading provider of digital maps, geospatial software, and location-based IoT technologies, serving automotive, consumer tech, enterprise, and government sectors through mapping platforms, APIs, and solutions.
C.E. Info Systems Limited, incorporated in 1995 and operating under the MapmyIndia and Mappls brands, is a data and technology products and platforms company offering proprietary digital maps as a service, software as a service, and platform as a service. The company provides products, platforms, APIs and solutions across digital map data, software and IoT to technology companies, automotive manufacturers, and businesses across BFSI, telecom, FMCG, and logistics sectors, as well as government organisations. Revenue grew from ₹1,352.55 million in FY2019 to ₹1,524.63 million in FY2021, with significant exposure to both consumer technology/enterprise digital transformation (47.52% of FY2021 revenue) and automotive/mobility technology (52.48% of FY2021 revenue) segments.
Digital maps and location intelligenceGeospatial technologyNavigation and telematicsAutomotive technologyConsumer technology and enterprise digital transformationIoT (Internet of Things)BFSI (Banking, Financial Services and Insurance)TelecomFMCGLogistics
Objects of the Issue
- Offer for Sale of equity shares by selling shareholders; achievement of benefits of listing on stock exchanges p.22
- Offer for Sale by the Selling Shareholders - no proceeds to the Company ₹10,396.06 million (10,063,945 Equity Shares) p.85
- Achievement of listing benefits p.85
- Not stated in this section of document
Issue Structure
- Total Issue
- ₹10,396.06 million (subject to finalization of Basis of Allotment)
- Fresh Issue
- Nil
- Offer for Sale
- 10,063,945 equity shares aggregating to ₹10,396.06 million
- Price Band
- ₹1,000 to ₹1,033 per equity share
- Lot Size
- 14 equity shares and in multiples of 14 equity shares thereafter
- Face Value
- ₹2 per equity share
Business Model
The company earns revenue through a combination of B2B and B2B2C models, delivering digital map data, navigation solutions, telematics, and geospatial software as services and platforms. Revenue is generated from marquee global tech companies, automotive manufacturers, and enterprises across multiple sectors through fixed-price contracts, volume-linked arrangements, and API/SDK licensing. Typical contract terms range from three to five years, with revenue recognized upon delivery of intellectual property and services.
Business Segments
Provides digital map data, software, and IoT solutions to consumer technology companies and enterprises undergoing digital transformation, including businesses in BFSI, telecom, FMCG, and logistics.
Supplies map data, APIs, SDKs, and navigation/mobility solutions to automotive manufacturers for vehicle navigation, telematics, and connected vehicle use cases across 2W, 4W, commercial, and other vehicle segments.
Provides location-based services to end consumers through B2B2C channels including navigation, maps, and location intelligence for consumer applications
Provides geospatial technology, digital maps, navigation assistance, vehicle tracking, fleet monitoring, and autonomous vehicle solutions to automotive manufacturers and fleet operators
Generates revenue from business transactions and associations with governmental or government-funded entities including the Goods and Service Tax Network
Provides digital maps, SaaS, PaaS, APIs and solutions in location intelligence, geospatial analytics, GIS, digital automation and AI to consumer tech companies and enterprises across industry verticals for embedding into consumer-facing apps and enterprise digital transformation initiatives.
Services automotive OEMs of four-wheelers, two-wheelers, commercial vehicles and electric vehicles, and organizations involved in people and goods transportation. Offers digital maps, SaaS, PaaS, APIs, IoT and N-CASE mobility solutions (Navigation, Connected vehicle, Autonomous safety and advanced driver assistance systems, Shared mobility and Electric mobility), telematics, fleet management and logistics optimization.
Proprietary end-to-end technology-driven and AI-assisted mapping systems for digital geospatial data acquisition and processing. Provides digital maps across India containing administrative hierarchy, precise addresses, postal maps, road network, transportation maps, places of interest, and land use/land cover maps. Advanced maps represent the real world in 2D, 3D (with building heights, terrain models, textured 3D city maps), and 4D (dynamically updated with new place updates, live traffic, weather). Maps are HD, providing photo-realistic VR/AR ready maps with geo-referenced 360-degree panoramas. Hyper-local with regional languages. IR geospatial data products include location-based demographics, population density, income distribution, anonymised people movement behaviour.
Interactive 2D, 3D, outdoor and indoor map rendering, location search, geocoding, reverse geocoding, route planning and optimisation, traffic and turn-by-turn visual and voice-based navigation platforms. Driving distance platforms considers historic and live traffic data to predict travel time and distance from origin to multiple destinations and from many origins to destinations. Snap to Road platform allows users to take GPS points collected along a route and return corrected and aligned data matched to the road for tracking assets.
Geographic information system and geo-analytics offerings platforms (mGIS and Insight) consisting of location-based APIs capable of ingesting, processing, publishing, visualising and analysing geo-spatial data. Geo-analytics offerings help customers across industries analyse markets and develop predictive models through spatial patterns, as well as get near real-time dashboarding and monitoring capabilities. AI-enabled technology platforms to automatically and efficiently recognise and extract insights from images through computer vision and geospatial-enabled AI algorithms.
IoT platform (InTouch) enabling connectivity with real world sensors, phones and IoT devices, providing near real-time vehicle and asset tracking, geo-fencing alerts, historical movement and driver behaviour analysis, predictive vehicle health alerts, fleet, transport and logistics management. Wide range of IoT devices including durable GPS-based tracking systems, connected cameras and sensors for fuel monitoring, RFID connectivity, panic buttons, remote immobilisation. Workmate software platform for workforce and workflow management, monitoring and automation.
Large catalogue of developer APIs and SDKs to help integrate features, functionalities and capabilities of all map, geospatial and IoT products and platforms into customer web and mobile applications. Wide range of map APIs and SDKs for interactive mapping experience for indoor and outdoor environments. Map and traffic data, search function, routes and navigation, geo-analytics, mobility and tracking APIs. Used for logistics platforms, navigation solutions, data visualisation, and tracking of assets and individuals in near real-time.
Consumer-facing MapmyIndia Move app (super app for maps, navigation, tracking, safety, mobility, hyper local) on Android and iOS platforms. Internet mapping portal (Maps.mapmyindia.com). MapmyIndia Move IoT gadgets with GPS tracking, safety and navigation features.
In-vehicle hyper-local, content-rich, turn-by-turn offline/online/hybrid navigation assistant systems, connected navigation, in-vehicle commerce and voice assistant solutions. Platforms and companion apps for connected mobility, telematics, and connected vehicle services. Autonomous vehicle and road safety platforms, advanced driving assistance systems, HD mapping technology, AI training solutions and near real-time object detection for autonomous vehicles. Shared mobility platforms for mobility-as-a-service and ride sharing. Electric mobility solutions including analytics for charge station location selection, nearby charge station information, spider model for range depiction, battery-efficient navigation. Solutions aligned with N-CASE technology requirements. Products suited for emerging drone vehicles.
Suite of APIs and solutions to consumer tech companies and enterprises for digital transformation based on complete range of digital maps, geospatial software and location-based IoT. Solutions provided over cloud or through hybrid and on-premise deployments. Customisable full stack to meet specific requirements. Includes map and location enablement of apps, location insights and geo-information management, sales and distribution analytics, location-based advertising and personalisation, logistics planning and optimisation, journey risk management, address standardisation and validation, contact centre solutions, and industry-specific solutions for BFSI, FMCG, Retail, Automotive, and Government.
Sale of Internet of Things products
Sale of map data and software combined through royalty, annuity, subscription and software licensing
Location-powered digital transformation solutions for consumer-facing applications and enterprise customers including APIs, SDKs, and location-based services integrated into web and mobile applications
Connected, autonomous, shared and electric mobility technologies, navigation solutions, fleet automation, and telematics technologies for automotive OEMs and mobility operators
SWOT Analysis
Strengths
- • India's leading provider of advanced digital maps and geospatial software(p.22)
- • Proprietary digital maps, SaaS and PaaS offerings across multiple brands(p.22)
- • Marquee customer base including global tech giants and leading manufacturers(p.22)
- • 25+ years track record of successful business expansion(p.41)
- • Pioneer in digital mapping with 25+ years of market presence and early mover advantage(p.141)
- • Comprehensive and accurate digital map database covering 98.5% of India's road network(p.135)
- • Widest range of location-powered software and IoT technologies compared to peers(p.141)
- • Full-stack integrated offering combining map data, location content and platform(p.141)
- • Strong brand recognition and customer base of 2,000+ enterprises including global tech giants(p.134)
- • Regulatory advantage under new Geospatial Policy 2021 restricting foreign competitors(p.138)
- • Continuous near-real-time map updates through proprietary technology and professional surveys(p.138)
- • High-margin business model with 83% contribution margin and 31% EBITDA margins(p.136)
- • Comprehensive digital map coverage of India with 98.50% road network coverage(p.142)
- • Proprietary end-to-end AI-assisted mapping technology and near real-time data acquisition(p.142)
- • Strong network effects and continuous map improvement through 70+ billion geospatial transactions annually(p.142)
- • 25-year history enables professional authentication of crowd-sourced data(p.143)
- • Marquee customers across diverse sectors with long-term contracts and up-sell opportunities(p.144)
- • Asset-light, high-margin business model with 83% contribution margin and 35% EBITDA margin(p.146)
- • Strong cash generation with PAT margin of 31% and net profit CAGR of 33% (FY2019-2021)(p.146)
- • Independent entity with data governance advantages and ability to serve global customers(p.142)
- • Strong profitability with 81% year-on-year revenue growth(p.200)
- • Significant increase in operating cash generation(p.204)
- • Substantial proprietary map database asset(p.215)
- • Diversified revenue streams from IoT and map data products(p.224)
- • Strong balance sheet with significant liquid investments(p.217)
- • Pioneer in digital mapping with 25+ year head-start and proprietary technology(p.250)
- • Comprehensive map coverage across India with 6.29 million km of roads(p.250)
- • Diverse revenue model with high contribution margins (85%)(p.251)
- • Strong customer retention with 90% year-on-year retention of key customers(p.253)
- • Marquee investor backing from PhonePe, Qualcomm, and Zenrin(p.251)
- • Asset-light, debt-free business model with high returns on capital(p.255)
- • Recognition and government support for indigenous geospatial solutions(p.251)
Weaknesses
- • High dependence on limited number of customers for revenue(p.35)
- • Revenue concentration in cyclical automotive sector(p.34)
- • Customers can terminate contracts without assurance of enforcement(p.39)
- • Risk of errors in map database affecting product quality(p.35)
- • Limited R&D investment relative to business requirements(p.35)
- • Concentration in Indian market with majority of revenue from domestic sources(p.139)
- • High dependence on automotive sector representing 39-65% of revenue(p.140)
- • Significant employee reduction from 901 to 734 employees year-over-year(p.137)
- • Relatively small scale compared to global competitors with lower absolute revenues(p.127)
- • Business operations conducted on leased premises with renewal risk(p.156)
- • Dependence on long-term customer contracts creates switching costs and potential concentration risk(p.144)
- • Employee attrition remains elevated at 13.50% for FY2021 despite low attrition narrative(p.155)
- • Workforce expansion limited to 10% over three years, potentially constraining growth(p.148)
- • High proportion of revenues dependent on time-and-material contracts(p.224)
- • Significant doubtful receivables provision required(p.218)
- • High provision for inventory obsolescence(p.217)
- • Dependence on employee stock option schemes creating dilution(p.229)
- • Dependence on limited number of customers for significant revenue portion(p.253)
- • High concentration risk in automotive segment historically(p.252)
- • Reduced non-permanent workforce limiting operational flexibility(p.255)
- • Uncertain regulatory environment around defined contribution obligations(p.239)
Opportunities
- • Large addressable market with strong CAGR growth(p.22)
- • Expanding revenue from consumer tech and enterprise digital transformation(p.34)
- • Global market expansion with USD 173.61 billion opportunity(p.22)
- • International revenue growth potential from overseas customers(p.38)
- • Indian digital maps market expected to grow at 15.5% CAGR reaching USD 7.74 billion by 2025(p.137)
- • Navigation solutions and telematics market in India expected to grow from USD 20.5 billion to USD 44.9 billion by 2025(p.138)
- • Growing adoption of CASE (Connected, Autonomous, Shared, Electric) technologies in automotive sector(p.138)
- • Expansion opportunities in international markets through Mappls brand across multiple countries(p.135)
- • Government push through Digital India initiatives creating demand for GIS and geospatial solutions(p.96)
- • Growth in mobile internet users and smartphone penetration driving location-based services adoption(p.98)
- • New use cases emerging in agriculture, healthcare, e-commerce and logistics sectors(p.134)
- • Expanding automotive use cases from luxury to entry-level cars and two-wheelers(p.145)
- • Emerging EV market with advanced battery-efficient route planning and charging station integration(p.145)
- • Global digital maps market expected to grow from USD 70.9 billion (2019) to USD 151.9 billion (2025)(p.147)
- • International expansion through US subsidiary and silicon valley office following MNC customers(p.148)
- • 4D Digital Map Twin development as never-ending valuable asset for expanding use cases(p.147)
- • Integration with ISRO satellite imagery and earth observation data catalogue(p.147)
- • First-mover advantage with Geospatial Guidelines and government digital transformation initiatives(p.147)
- • Significant deferred revenue backlog indicating future growth(p.224)
- • Remaining performance obligations provide revenue visibility(p.224)
- • Expansion in IoT product sales with 53% growth(p.224)
- • Opportunity to optimize corporate social responsibility spending(p.223)
- • Indian addressable market expected to grow at 15.5% CAGR to USD 7.74 billion by 2025(p.250)
- • Government liberalisation of geospatial data collection enabling market expansion(p.250)
- • Expanding use cases across consumer tech and enterprise digital transformation(p.252)
- • Government's vision of ₹1 trillion geospatial economy by 2030(p.250)
- • Global addressable market growing at 13% CAGR to USD 173.61 billion by 2025(p.250)
- • Multiplier effect from customer adoption driving revenue growth(p.253)
Threats
- • Liberalization of mapping industry increasing competitive intensity(p.36)
- • Automotive sector cyclicality and demand volatility(p.34)
- • Dependence on macroeconomic trends affecting customer sectors(p.34)
- • Technological disruption and rapid innovation requirements(p.41)
- • COVID-19 and similar pandemics impacting business operations(p.43)
- • Risk from international operations in diverse regulatory environments(p.38)
- • Foreign map companies restricted from granular mapping but can still operate in India through licensing(p.95)
- • Competition from established global players like Google Maps, HERE, TomTom with greater resources(p.127)
- • Dependence on internet connectivity limiting reach in rural and remote areas(p.107)
- • Regulatory restrictions on mapping critical physical infrastructure remain despite liberalization(p.107)
- • Market concentrated in developed geographies with North America accounting for 45% of global market(p.109)
- • Cyclicality in automotive sector affecting telematics and navigation revenue(p.100)
- • Geospatial Guidelines restrict high-accuracy map data to Indian entities, limiting foreign competition but regulatory risk(p.157)
- • Foreign entities can license high-accuracy maps only through APIs without pass-through servers(p.157)
- • Personal Data Protection Bill pending implementation with evolving compliance requirements(p.158)
- • Global competition from established players with superior resources in international markets(p.155)
- • COVID-19 pandemic impact on business operations and customer collections(p.224)
- • Concentration of customer base with one customer at 10%+ of receivables(p.232)
- • Lease obligation commitments create fixed cost burden(p.233)
- • Foreign exchange volatility exposure from USD operations(p.234)
- • Regulatory restrictions on geospatial data for foreign entities(p.250)
- • Regulatory compliance costs and sensitivity of mapping technology(p.253)
- • Litigation risk from defence and government agencies(p.275)
- • COVID-19 impact on IoT revenue from mobility disruptions(p.267)
- • Cyclicality in automotive and logistics sectors affecting revenue(p.267)
- • Foreign exchange risk on revenue and expenses(p.273)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Rakesh Kumar Verma | Promoter | 43.50% | — |
| Rashmi Verma | Promoter | 17.66% | — |
| Rakesh Kumar Verma | Promoter | 43.50% | 43.50% |
| Rashmi Verma | Promoter | 17.66% | 9.68% |
| Rohan Verma | Promoter Group | 0.53% | 0.53% |
| Rakesh Verma | Promoter | — | — |
| Rashmi Verma | Promoter | — | — |
| Rakesh Kumar Verma | Promoter | 43.50% (on fully diluted basis) | Approximately 33-37% (post-Offer, based on share sale) |
| Rashmi Verma | Promoter | 17.66% (on fully diluted basis) | Approximately 14-16% (post-Offer, selling portion in OFS) |
| Mrs. Rashmi Verma | Promoter | 36.81% | 17.66% |
| Mr. Rakesh Kumar Verma | Promoter | 29.39% | 14.11% |
| Rakesh Verma | Promoter/Managing Director | — | — |
| Rashmi Verma | Promoter | — | — |
| Rashmi Verma | Individual Selling Shareholder | — | — |
| Qualcomm Asia Pacific Pte. Ltd. | Investor Selling Shareholder | — | — |
| Zenrin Co., Ltd. | Investor Selling Shareholder | — | — |
| PhonePe India | Investor Shareholder | — | — |
Leadership
Rakesh Kumar Verma · Chairman and Managing Director
Anuj Kumar Jain · Chief Financial Officer
Saurabh Surendra Somani · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
MapmyIndia IPO FAQs
What is the lot size of MapmyIndia IPO?
The minimum lot size of MapmyIndia IPO is 14 shares. One lot costs ₹14,462 at the cut-off price.
When does MapmyIndia IPO open and close?
MapmyIndia IPO opened for subscription on 09 Dec 2021 and closed on 13 Dec 2021.
What is the listing date of MapmyIndia IPO?
MapmyIndia IPO listed on 21 Dec 2021.