MapmyIndia’s shares outperform Indian tech peers, but battle with Google looms

In India, the divide between the rich and poor is perhaps best visualized by the Antilia, a 40,000 square foot building in Mumbai that is the home of Mukesh Ambani, one of the country’s richest people. Mumbai also houses Dharavi, which is said to be one of the world’s largest slums.

Mukesh Ambani’s Antilia / Photo credit: Tripadvisor

Catering to such a wide-ranging demographic is a challenge that unicorn MapmyIndia – which provides digital maps, geospatial software, and location-based IoT tech – can handle better than Google Maps can. At least, that’s what a company representative who spoke with Tech in Asia claims.

The prize of success? A forecasted US$8 billion addressable market for digital maps and location-based intelligence services in India by 2025.

See also: How GrabMaps plans to beat Google Maps in $1b sweepstake for SEA dominance

CE Info Systems, the National Stock Exchange of India-listed entity behind MapmyIndia, has several advantages over its larger tech rival Google Maps.

One example is the greater accuracy of its location pin, which people can use to share their current location with others. MapmyIndia says its location pin is accurate to within a 3 meter radius, compared to Google Maps’ 10 meter to 30 meter range.

Another factor in favor of MapmyIndia is lower costs. A senior executive at a tech platform that uses MapmyIndia tells Tech in Asia that the firm’s services were 10x cheaper than Google’s. “There is no room for negotiation with Google. They have standard rates. And it’s take it or leave it,” says the senior executive.

CE Info Systems has gained traction with investors this year. As of September 21, its shares were up by 61% year to date. Compare that with SENSEX – a market index of 30 well-established companies listed on the Bombay Stock Exchange – which is up by just 8% over the same period.

Bombay Stock Exchange / Photo credit: 123RF.com

Yet, the company is still a minnow in the tech industry, with a market capitalization of around US$1.1 billion.

Primarily serves enterprise customers

The company’s revenue from operations in its most recent financial year was up by 31% year on year, while its profit after tax was 46% higher.

MapmyIndia’s customer base is relatively concentrated. In FY2022, just 35 customers contributed 80% of its revenue, although this is up from just 17 in FY2019.

Dark cloud of Google

Overseas expansion?