Digital mapping firm MapmyIndia is preparing for an IPO, a report claims, with the Apple Maps data source allegedly aiming for a valuation of approximately $825 million.
Formerly known as CE Info Systems Pvt, the Delhi-based MapmyIndia is in the final stages of getting its IPO ready, people familiar with the effort claim. The IPO itself seeks to raise $175 million, which will give it a valuation in the region of $825 million if reached.
The IPO will consist of secondary shares, according to sources of Bloomberg. Founders Rakesh Verma and RashmiVerma will continue to run the company and are promoters of the IPO.
The mapping company is a rarity for the startup scene in India, the report claims, as it is one that is actively making a profit, unlike other major startups in the country seeking their own IPOs.
MapmyIndia is a provider of mapping data and technology to many major companies, since the early 1990s. It provides services to many major brands, including Uber, Mercedes Benz, McDonald’s, Amazon, and Apple for Apple Maps.
Companies like MapmyIndia have an advantage over international firms, in that foreign companies are not allowed to use high-precision satellite images, ground surveys, nor use Street View-style vehicles to collect map data. Instead, companies like Apple turn to domestic firms like MapmyIndia to get that data.
While Apple cannot collect the mapping data itself, it did open up an iOS development center in Hyderabad in 2016. The offices were set up chiefly to work on Maps updates and to apply new features to the Maps apps.