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Deepti Sri · · 1 min readIndia-based mapping firm behind Apple Maps and Amazon’s Alexa eyes $175m IPO
“MapmyIndia, a digital mapping company whose data powers Apple’s Maps and Amazon’s Alexa in India, will file initial public offering documents as soon as Monday,” Bloomberg reported, citing people familiar with the matter.
Details:
- The IPO, which will be made up of secondary shares, will reportedly be conducted at a deal size of about US$175 million.
- The potential public listing may also push the valuation of MapmyIndia to about US$825 million.
Dive deeper:
- Backed by Qualcomm and Walmart-owned payments startup PhonePe, MapmyIndia provides services to big-name brands including Uber, Mercedes-Benz, McDonald’s, Amazon, and Flipkart.
- Earlier this year, India liberalized regulations on geospatial data by reducing restrictions on the creation and dissemination of maps. Prior to the move, securing licenses for the mapping industry involved a cumbersome process of pre-approvals and permissions. (Read: The leading Asian tech players eyeing an IPO in 2021)
Editing by Collin Furtado and Eileen C. Ang
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