Rakesh Verma and Rashmi Verma had plans to develop digital maps of India. They used to travel the country’s bigger cities on foot, charting out the major landmarks and streets. However, for all the pain they had taken, traversing and exploring cities on foot paid off recently for all the pain they had taken. Their startup, MapmyIndia, is a story that started their journey of success. More about it in this brief write-up.
MapmyIndia – Rakesh Verma and Rashmi Verma
C.E Info Systems is better known as MapmyIndia. One crucial question that most investors are curious to know is how the couple will make money from MapmyIndia through digital maps?
The proprietary database of C.E Info Systems was built by the chief technology officer, Rashmi Verma, in 1995. In comparison, Rakesh was on the lookout for investors willing to shell out money for projects requiring location-based planning.
The database of MapmyIndia built today is through compilation and collection of GPS data geotagged, with 360 panoramic degree images, videos, photographs, and names aside from many other attributes that include buildings, boundaries, and roads.
The technology team is responsible for updating the database by gathering and acquiring data through professional field surveys that are technology-driven, with IoT devices, advanced sensors, and platform usage, aside from using professionally authenticated and crowdsourced data.
From 1995, the couple started building a map database from physical surveys done on paper, and Rashmi Verma digitized it and made measurement tools. And the role of Rakesh was to seek permission and approvals from the Road Transport and Highways, Science, and Technology ministries and government officials.
However, despite all these efforts, how will they earn money from digital maps despite all these efforts? Let us see how they have travelled such a long way.
- Among the early customers of MapmyIndia was Coca-Cola India. They made use of digital maps to assess the location of the network of national bottlers.
- Many mobile operators became the clients of the Digital-map product-ready company.
The above are just two instances where the company caters to, aside from several others. There are three vital points of contact as far as revenue is concerned, the automobile sector, digital enterprises, and consumer tech. The forest department makes use of these digital maps as well.
The 1.039.61 crore initial public offering (IPO) was found to be oversubscribed by as many as 154.71 times by December 13th, 2021.