Geotech firm MapmyIndia is preparing for international expansion, with plans to extend its products and platforms beyond India. CEO Rohan Verma reveals that the company is currently engaging with potential partners to focus on key regions in Southeast Asia and the Middle East & North Africa (MENA).
In its 29th Annual Report for FY 2023-24, Verma expressed enthusiasm about the future possibilities for MapmyIndia. “Looking to the future, I am excited by the vast possibilities ahead of us in terms of sectors we can work with, the reach we can have, and the range of solutions we can offer”, he stated. Verma emphasized that the company is actively engaging with partners to introduce its products and platforms to new geographies, specifically focusing on Southeast Asia and the MENA region.
MapmyIndia has seen increasing adoption of its APIs by consumer tech companies, major e-commerce platforms, direct-to-consumer (D2C) brands, food delivery services, and travel businesses. These organizations are using MapmyIndia’s technology to improve the efficiency of capturing delivery addresses. “Additionally, a lot of the Open Network Digital Commerce (ONDC) enabled apps are now starting to use MapmyIndia, allowing us to participate in the increasing ONDC ecosystem”, Verma noted.
MapmyIndia has demonstrated substantial improvement in its financial performance. For the March quarter of FY24, the company reported a 35% increase in consolidated profit after tax (PAT), reaching INR 38.2 crore, up from INR 28.3 crore in the same period the previous year. On a quarterly basis, net profit grew by 23.2%, compared to INR 31.04 crore in the December quarter. Additionally, the startup’s operating revenue for Q4 FY24 climbed to INR 106.9 crore, marking a 47.5% rise from INR 72.4 crore in Q4 FY23. With strong financial results and a focus on international markets, MapmyIndia is well-positioned for continued growth. Its expansion into Southeast Asia and the MENA region is a strategic effort to seize new opportunities and extend its global presence.