(Bloomberg) — MapmyIndia, a digital map company whose data forms the basis for Apple Inc.’s Maps. and Alexa from Amazon.com Inc. in India, will submit the first public offering documents on Monday, according to people familiar with the plans. . The company, backed by Qualcomm Inc. and Walmart Inc. payments start-up PhonePe, is targeting an IPO of about $175 million with a valuation of about $825 million, one of the people said. The offering will consist entirely of secondary shares, the people said, who do not wish to be named because the information is private. The company, headquartered in Okhla, Delhi, sells its technology and geospatial information to a wide range of global brands, including Uber Technologies Inc., Mercedes-Benz, McDonald’s Corp. and Walmart-owned e-commerce rivals Amazon and Flipkart. MapmyIndia, formally called CE Info Systems Pvt, is profitable unlike many of the current crop of high profile but loss making startups like Zomato Ltd. fueling a technology IPO boom in India. The geospatial data and services market in the country is one of the fastest growing in the world, estimated by the government to be approximately $14 billion by 2030.
Read more: Billions Flood India as SoftBank, Walmart Gamble Join IPO Frenzy India eased age-old strict controls over maps and other geographic data earlier this year, making sweeping changes in hopes of spurring startup innovation. That gave a boost to companies like MapmyIndia, which are in a privileged position over international competitors such as Google Maps from Alphabet Inc. Foreign map players are not allowed to use highly accurate satellite imagery, collect street image data and conduct ground surveys to build their maps, and are required to obtain such data from domestic providers. MapmyIndia was founded by Rakesh Verma and Rashmi Verma, the husband-and-wife duo who will continue to run the company and promoters at the time of the IPO, said one of the people aware of the documentation. The company, also backed by Japanese mapmaker Zenrin Co., began operations in the early 1990s in what is considered one of the most challenging countries for maps. One of the first customers was Coca-Cola Co., which used the company’s topography services to support logistics and distribution. Last year, MapmyIndia devised a Covid-19 dashboard with real-time mapping of containment zones, testing centers and hospitals across the country, making it available to hundreds of millions of users.
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