NEW DELHI, Aug 29, 2021, Bloomberg. 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, according to people familiar with its plans, Yahoo!Finance reported.
The firm, backed by Qualcomm Inc. and Walmart Inc.-owned payments startup PhonePe, is targeting an IPO size around $175 million at a valuation of about $825 million, one of the people said. The offering will be comprised entirely of secondary shares, the people said, declining to be named as the information is private.
The Okhla, Delhi-headquartered company 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.
MapmyIndia, formally named CE Info Systems Pvt, is profitable unlike many of the current crop of high-profile but loss-making startups such as Zomato Ltd. that is fueling a tech IPO boom in India. The market for geospatial data and services in the country is one of the fastest-growing in the world, estimated by the government to be worth about $14 billion by 2030.