New Delhi, July 17, 2024 — Geotech company MapmyIndia is actively in discussions with partners to extend its products and platforms beyond India, targeting markets in Southeast Asia and the Middle East & North Africa (MENA) regions, CEO Rohan Verma revealed.
In its recently published 29th Annual Report for FY 2023-24, Verma expressed optimism about the company’s future prospects, emphasizing the vast opportunities across sectors and geographical expansions. “We are in conversation with our partners to take our products and platforms to geographies outside India, primarily Southeast Asia and the Middle East & North Africa,” Verma stated, highlighting the strategic direction of MapmyIndia’s growth.
The company has been bolstered by the increasing adoption of its APIs (Application Programming Interfaces) by a diverse range of tech companies, large ecommerce players, direct-to-consumer (D2C) brands, food delivery firms, and travel enterprises. These APIs enhance efficiency in delivery address capture, catering to the evolving needs of digital commerce.
Verma also noted the significant integration of MapmyIndia into apps enabled by the Open Network Digital Commerce (ONDC), underscoring the startup’s pivotal role in the expanding ONDC ecosystem.
MapmyIndia’s financial performance for the March quarter of FY24 showcased robust growth, with consolidated profit after tax (PAT) surging by 35% to INR 38.2 crore, compared to INR 28.3 crore in the corresponding period last year. Quarterly net profit saw a notable increase of 23.2% from the December quarter, reaching INR 31.04 crore. Operating revenue for Q4 FY24 rose sharply to INR 106.9 crore, marking a 47.5% increase from INR 72.4 crore in Q4 FY23.
The expansion into Southeast Asia and MENA regions aligns with MapmyIndia’s strategic vision to capitalize on international growth opportunities while consolidating its position as a leader in geospatial solutions and digital mapping technologies.
