MapmyIndia has filed the initial documents for its IPO i.e. DRHP with SEBI. However, this IPO will be purely an offer for sale. That is, its promoters and stakeholders will sell their stake. 75.47 lakh equity shares will be sold under the offer for sale. Rashmi Verma will sell 10.27 lakh equity shares under the offer for sale. Qualcomm Asia Pacific Pte Ltd will sell 20.26 lakh equity shares and Zenrin Co Ltd 10.27 lakh equity shares.
Qualcomm and Japanese company Zenrin’s investment
MapMyIndia was earlier known as CE Info Systems. Global wireless technology company Qualcomm and Japanese digital mapping company Zenrin have invested in this. Axis Capital, JM Financial, Kotak Mahindra Capital and DAM Capital Advisors are the lead managers of the issue. Link Intime India Ltd. Is the registrar of the issue. There is no company listed in the business segment of MapMyIndia in the country.
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What does MapMyIndia do
MapMyIndia is also partnered with the Government of India and is active in mapping and related business for the last 25 years. Honda and Apple are its partners. Apple products use MapMyIndia maps as well as Paytm, McDonald’s, REBEL Food, Grofers, Car24 also use MapMyIndia. MapMyIndia’s business model is dependent on royalty, subscription annuity. It also uses digital map data, platforms, APIs and software. The country’s FFCG companies, banks, telecom services companies are clients of MapMyIndia.