MapmyIndia, a digital mapping company is preparing for its foray into IPO. The sourcing firm for Apple Maps data is looking to get valued at $825 million or greater.
MapmyIndia was formerly CE Info Systems, and in its IPO opening the company wants $175 million and a valuation of somewhere around $825 million. Rashmi Verma and Rakesh Verma, the founders are the acting promoters and will run the company as it opens to the public.
The digital mapping firm has provided its service to many major companies, including Amazon, McDonald’s, Uber, Apple and more. Currently, MapmyIndia and similar domestic firms have the advantage over foreign companies as the latter are not allowed to use Street View vehicles, ground surveys and high precision satellite technology to collect data.
Apple opened an iOS development center in 2016 in Hyderabad primarily for Apple Maps work in the region and for new features within the geological app.