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    MapmyIndia Posts Rs 134 Crore Profit in FY2024, Aims To Reach Rs 1000Cr in Revenue by 2028

    MapmyIndia, a digital map service, reported positive financial results for the financial year 2023-2024. The company showed a 35% YoY growth in revenue from operations, from 281.5 crore rupees to 379 crore. The total income also grew by 32%, from 215 to 417 crores. The Profit After Tax (PAT) stood at 134.4 crore, with a 32% margin, after growing 25% from the previous year.

    Discussing the favourable results, CEO Rohan Verma said, “2.5+ million new vehicles (4-wheelers, 2-wheelers and CVs, across ICE and EV segments), went built-in with MapmyIndia Mappls, up from 1.9 million during FY23, showing faster than industry growth uptake of our Auto N-CASE suite of map and technology solutions amongst automotive OEMs, including new-age EV companies. Further, we achieved 52% growth in the number of IoT devices installed during the year to 2.9+ Lakhs, which led to significant growth in our IoT-led business.”

    The company also professed an ambitious milestone of reaching 1000 Cr in revenue in the next five years. “If you look at our 3-year track record, revenue has grown at a 38% CAGR and EBITDA margins and PAT margins have been consistently above 40% and 30% respectively. Our Order Book achievements give us further confidence that we are on track to our stated milestone of crossing Rs 1000 Cr revenue by FY27/FY28,” said Rakesh Verma, Chairman and Managing Director. “We have been investing in building our capabilities and solutions to expand internationally as well as in the drone segment.”

    Founded in 1995 by Rakesh Verma, MapmyIndia is a tech firm that specialises in building India-specific digital navigation systems and provides them as a service to tech companies and automobile manufacturers. The company also expanded into the drone sector in February last year, as it announced the acquisition of a 20 percent stake in Indrones Solutions Private Limited (Indrones) worth Rs 7 crore in an attempt to offer high-definition 3D maps to customers. 

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    The post MapmyIndia Posts Rs 134 Crore Profit in FY2024, Aims To Reach Rs 1000Cr in Revenue by 2028 appeared first on MEDIANAMA.

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