MapMyIndia, the business that powers Apple Maps, has filed preliminary documents with the capital market regulator Sebi to acquire funds through an initial public offering (IPO).
According to the draught red herring prospectus, the initial public offering (IPO) is fully an offer for sale of up to 75,47,959 equity shares by current shareholders and a promoter (DRHP).
Rashmi Verma may sell up to 30,70,033 equity shares, Qualcomm Asia Pacific Pte Ltd may sell up to 20,26,055 equity shares, and Zenrin Co Ltd may sell up to 10,27,471 equity shares under the offer for sale (OFS).
MapMyIndia, formerly CE Info Systems, is supported by Qualcomm, a multinational wireless technology business, and Zenrin, a Japanese digital mapping company.
The company is a prominent provider of innovative digital maps, GIS software, and location-based Internet of Things (IoT) solutions, with headquarters in New Delhi. Under the MapmyIndia and Mappls brands, it offers products, platforms, application programming interfaces (APIs), and solutions for a variety of digital map data, software, and IoT. PhonePe, Flipkart, Yulu, HDFC Bank, Airtel, Hyundai, MG Motor, Avis, Safexpress, and the Goods and Service Tax Network are among the company’s clients (GSTN).
According to the draught papers, MapmyIndia maps are used by Apple products, as well as payment gateways like PayTm and PhonePe and e-commerce food delivery platforms like McDonalds, Grofers, and Cars24. The same is used by store locators from organisations like SBI Branch Locator, Bajaj Finserv, and Prasar Bharti DTH Dealer locator.
The issue’s primary managers are Axis Capital, JM Financial, Kotak Mahindra Capital, and DAM Capital Advisors.
