MapmyIndia, a digital navigation firm under CE Info Systems, has reported a third-quarter total income exceeding Rs 100 crore. In the third quarter of the fiscal year 2023-24, the company’s total income reached Rs 103.6 crore, a significant increase from Rs 78.3 crore in the same period of FY2022-23. The company’s revenue from operations also surged by 36% year on year to Rs 92.02 crore, compared to Rs 67.7 crore in the third quarter of FY23. Notably, the year-to-date EBITDA margins stood strong at 43%, reflecting a 38% year-on-year growth.
Rakesh Verma, Chairman and Managing Director of MapmyIndia, expressed satisfaction with the company’s performance, stating, “We’re happy that MapmyIndia crossed for the first time a milestone of Rs 100 crore+ quarterly total income. Q4FY24 will be exciting. Not only are we happy with the growth of our core B2B and B2B2C business, we are also pleased to see our consumer business take shape with increased brand awareness & product uptake.”
Established in 1995, MapmyIndia offers proprietary digital maps as a service (MaaS), software as a service (SaaS), and platform as a service (PaaS). The company provides advanced digital map data, software products, APIs, IoT, and solutions.
Rohan Verma, CEO & Executive Director of MapmyIndia, expressed excitement about the upcoming quarter, stating, “We are excited about Q4FY24, with a strong order book build up based on very large new wins and look forward to sharing developments shortly.” Verma highlighted the company’s broad-based revenue growth in the year-to-date period, with A&M up 19.5%, C&E up 43.1%, Map & Data up 37.6%, and Platform & IoT up 26.5%.
MapmyIndia serves over 2,000 enterprise customers, including new-age tech companies, government organizations, developers, and consumers. Verma noted the company’s achievements in various areas, including the implementation of auto OEM and NCASE suite projects, the commencement of ad-revenue monetization of their app, and the growth of their gadgets sales.
