MapMyIndia files IPO papers with Sebi

Digital mapping company MapMyIndia, which powers Apple maps, has filed preliminary papers with capital market regulator Sebi to raise funds through an initial share-sale.

The initial public offering (IPO) is entirely an offer for sale of up to 75,47,959 equity shares by existing shareholders and a promoter, according to draft red herring prospectus (DRHP).

The offer for sale (OFS) comprises sale of up to 30,70,033 equity shares by Rashmi Verma, up to 20,26,055 equity shares by Qualcomm Asia Pacific Pte Ltd and up to 10,27,471 equity shares by Zenrin Co Ltd.

MapMyIndia, also known as CE Info Systems, is backed by global wireless technologies company Qualcomm and Japanese digital mapping Zenrin.

The New Delhi-based company is a leading provider of advanced digital maps, geospatial software and location-based Internet of Things (IoT) technologies.

It provides products, platforms, application programming interfaces (APIs) and solutions across a range of digital map data, software and IoT under the MapmyIndia and Mappls brands. The company's customers include PhonePe, Flipkart, Yulu, HDFC Bank, Airtel, Hyundai, MG Motor, Avis, Safexpress and Goods and Service Tax Network (GSTN).

As per the draft papers, Apple products use MapmyIndia maps as do payment gateways like PayTm, PhonePe, or e-commerce food delivery platforms like McDonalds, Grofers, Cars24. Store locators by companies like SBI Branch Locator, Bajaj Finserv, Prasar Bharti DTH Dealer locator use the same.

Axis Capital, JM Financial, Kotak Mahindra Capital and DAM Capital Advisors are the lead managers to the issue.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)