MapmyIndia is one of the leading providers of geospatial software, digital maps, and location-based Internet of Things (IoT) technologies as MaaS (Maps-as-a-Service), PaaS (Platform-as-a-Service), and SaaS (Software-as-a-Service) in India.
The importance of digital maps in the modern era has never been more critical than today. Digital maps are becoming increasingly popular as they allow users to zoom in and out, view street-level views, and even provide information about things like traffic jams or crime rates. Maps can also be shared socially through social media platforms such as Facebook and Twitter. The map’s relevance can’t be overstated and has the potential for a variety of benefits for society and individuals.
Rakesh Kumar Verma and Rashmi Verma understood this high demand for digital maps and developed the geospatial software, MapmyIndia and launched it in 1995. It has been 26 years, and after a lot of hard work and efficient strategies and efforts, the co-founders of MapmyIndia, Rakesh Kumar Verma, and Rashmi Verma have finally witnessed massive success in the business. On 9th December 2021, MapmyIndia opened for subscription, and then it is initial public offering (IPO) of Rs 1,040-crore oversubscribed by 154.71 times on 13th December 2021. Rakesh Kumar Verma and Rashmi Verma made the public debut of MapmyIndia on 21st December, which was a massive success for the business. And the journey started in 1995 and accomplished the business goal in 2021. The software company has also got listed on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
Journey of digital-map product ready software company – MapmyIndia
In 1995, Rakesh Kumar Verma and Rashmi Verma came back to India from the US and thought of doing something unique and innovative for their country, making a difference in India. So, they collected data from the diverse use-cases of digital maps, processed and productized it, and launched MapmyIndia.
In 2004, the co-founders finally got the digital-map product ready and represented it to the government and businesses. The software company launched internet mapping technologies and a digital mapping portal this year.
In 2007, MapmyIndia launched a navigation system that is pan-India based. This year, Rakesh Kumar Verma and Rashmi Verma raised Rs 5.676 crore Series A investment and Rs 10.697 crore Series B investment.
In 2008, MapmyIndia raised Rs 23.561 crore Series C investments. In 2011, it launched IoT (GPS-based telematics) platform. In addition, it also upgraded into logistics optimization, fleet management solution, transportation technologies, and workforce management.
In 2015, the software company launched a location and mapped API platform for developers. This new launch enabled the company for a wide range of opportunities for their products.
In 2017, MapmyIndia started to work on Artificial Intelligence (AI)-powered 4-dimensional high-definition digital maps. This year, the company launched an exclusive digital address and location, etc.
In 2019, the software company launched GIS (Geographic information system) and geospatial analytics data platforms for advanced B2B platforms. It includes a telematics platform, end-to-end N-CASE mobility suite for connected vehicles, navigation, data safety, electric mobility platform, connected services, and shared mobility. This same year, MapmyIndia also launched an app, MapmyIndia Move, with features like IoT, tracking telematics, digital mapping, and telematics.
In 2020, this new app, MapmyIndia Move, won the Aatmanirbhar Bharat App Innovation Challenge of Prime Minister Narendra Modi. Then, in 2021, the software company signed with the Government of India regarding MoU with the Department of Space to exchange selected geospatial APIs and services.
