MapMyIndia - The Map Company

Started in 1995 with clients such as Coca-Cola, Cellular One, Motorola, Ericsson which are facing operational challenges in India on account of limited availability of accurate maps. They obtained contracts to create digital maps that contained specific company information such as bottlers’ territories or topographic features such as high ground suitable for cell towers.

In 2004, company launched its digital map portal. Fast forward to today, company has mapped 10.5 M unique destinations, 6.4 M km of road, ~ 7500 cities at street level, 80 at address level, 3D, 2D landmarks in 86+ diff cities which is being updated Daily.

Product Offerings

1. Navigation Assistant Device

  • This is a navigation device embedded in dashboard of your 4W or 2W.
  • These are 3-5 years contracts with automotive makers.
  • Clients includes MG motors, Honda in 4W and Suzuki, TVS in 2W.
  • Company claims to have 80% market share in this segment.
  • They earn revenue per vehicle per year basis. Revenue will depend on no. of vehicle manufactured with MMI Navigation in a given year.

2. SaaS Products

(a) InTouch - IoT Platform & Telematics Platform

(Also, pitched as Digital Vehicle Twin)

  • This is cloud platform with various use cases majorly related to mobility like
    • Customizable Analytics Dashboard (Graphical representation of various parameter important to end user)
    • Live Tracking of Vehicle (includes drones), Vehicle level information - Speed, Location, Altitude , IoT GPS device status
    • Geo-fence Management : Geo-fencing is marking specific areas with geometrical figures (Polygon, Circle, etc) and tagging them as per business demand which will help in further location based analysis.
    • Route Management - Creating Fastest, Shortest, Safest, Economical Routes, Adding Stops, Finding Nearby Locations, etc.
    • Trip Management - Tracking a complete shipment / trip on several parameters
    • Fleet Management - Organizing database of vehicles with important information like Maintenance.
    • Vehicle Health Projections based on historical data, Alerts, Log Reports
  • Clients include OLA, AVIS, FedEx, Safe Express, TCI, Mahindra Logistics, Ultratech
  • Company also provide bespoke solutions as per business requirements
  • ~ 10k Downloads in Google Play store with 3.4 / 5 Rating.
  • Revenue Model - Subscription Based and as per Use Case

Vehicle Telematics : It includes GPS systems, onboard vehicle diagnostics, wireless telematics devices, and black box technologies to record and transmit vehicle data, such as speed, location, maintenance requirements and servicing, and cross-reference this data with the vehicle’s internal behavior.

(b) WorkMate
  • This Product intended to help companies with managing their field staff, location analysis for their clients, assigning tasks and generating reports related to same data
  • It’s also capable of working completely offline and gets automatically sync when back in internet connectivity
  • Display and branding is customizable to client
  • Clients includes PrintJet, Fullerton India, EMRI, Greenstarm SD Fine chem ltd.
  • ~ 5k Downloads on Google Play store with 4/5 rating
  • Pay as you go model - revenue based on licenses per user per month.
(c) mGIS Tool
  • This is a visualization tool to perform analytics on geo-spatial data.
  • Some of the common metrics that could be tracked through this software like
    • Customer Location Visualization
    • Trade Area Analysis
    • Advanced Arithmetic Operations involving Elevations and Altitudes on 3D maps
  • Revenue Model - Subscription Based and as per Use Case

3. APIs / SDKs

API (Application Programmaing Interface) : In a nutshell, it is a piece of code that helps communication between two applications. So, if I need to insert a digital map or its related features in my personal app, I can use MapmyIndia API (Code) to get that data into my app and use it as per requirement.

SDK (Software Development Kit) : A kit or a package of tools, libraries, documentation, code samples, processes. Think of it as putting together a Squat Rack in your gym or that bed you bought from IKEA, you’ll need the base items, tools needed to put them together, assembly instructions and hence forth. An SDK might consists of several APIs and few other features around them.

All APIs / SDKs are subscription based freemium models and revenue depend on scale of client and number of transactions getting performed on application. There are several APIs / SDKs as below that company provides

  • Search APIs
    • Explore any address, location, place, Auto suggest, Nearby Places with Geo code or Reverse Geo code
    • Real time Map Updates, Auto Scalable, eLoc (a unique 6 char digital address of a particular house level location)
    • Apps includes McDonald’s, Yulu, PhonePe, Airtel
  • Routing and Navigation APIs / SDKs
    • Functions like Vehicle (Car, Bike, Truck, Pedestrian) Routing, Predictive ETA, Snap to Road, Turn-by-turn navigation, Drive range polygon (which will help in analysis of certain marked area)
    • Client includes MG, Mahindra, Amazon, HDFC, TVS, Suzuki
  • Intouch Platform APIs - APIs for Device details, Event Data, Drive Data, GeoFences, Alarms
  • WorkMate APIs - APIs to get several data items from WorkMate App
  • mGIS APIs - Map and Location APIs, widgets, plugins and tools for developers to build advanced location-based applications - map visualizations in 2D/3D, Geo coding, search, routing, Geo-spatial analysis, AI-powered image analysis and more.
  • Global APIs - Map for 238 countries available
  • Personalization SDK
    • It helps build dynamic O2O (Online to offline) profiles for users or customers. This SDK help analyse profiles using algorithms to deliver personalized recommendations for products and services.
    • This also tracks buying patterns and create localised marketing campaigns
    • This has use cases in almost every major growing industry

4. IoT Products (Hardware Products)

  • IoT Products include GPS products to track vehicles, drone trackers, asset trackers. Other than that they also provide Drone cameras and various set of sensors
  • Map MyIndia’s Move App is used to track location, share location, Route summary and alert notifications
  • Some of the clients using their IoT products include Safe Express, TCS, AVIS

Industry Landscape and Competition

Regulation : Liberalization of Geo-spatial Sector

In Feb 2021, the Ministry of Science and Technology announced the deregulation of the Geo-spatial sector in India.

In the new Geo-spatial policy, there is no requirement to get approvals for the collection, preparation, storage and dissemination of Geo-spatial data and maps within India for Indian owned or controlled companies… It restricts foreign companies from doing granular level mapping - with a binding threshold of one meter in horizontal and three meter in vertical mapping making it difficult to create accurate maps for ADAS, HD, 3D, 360-degree street view, doing terrestrial survey and Indian territorial waters survey.

Since most of the foreign companies like TomTom and HERE use ADAS and HD tech for Navigation Maps, they’ll have to license the same through APIs from Indian Players.

Navigation Assistant Device and Mobility Related SaaS Products

Automobile Industry has been a major revenue contributor to map providers since last several years. This segment is consolidated among few players in particular region. MMI in India, TomTom and HERE Tech in UK and Map Box in US , has captured majority of the market.

This segment has been stagnant in last 2-3 years because of global automotive slowdown but is expected to pick back up in coming years as we are moving towards spectrum of autonomousity of vehicle, navigation system will become a integral part (both 4 and 2 wheeler).

After liberalization of Geo-spatial sector, we could see increased competition from other Indian Players getting aggressive in this space and we can also see some market share shift from foreign entities.

One of the recent news includes MG motors moved from TomTom to MMI in Aug 2021 in recently launched new models.

API / SDKs

As we discussed earlier, most of the application developers / companies prefer to include some functionalities of Location and Maps in their apps. APIs are highly preferred by companies to scale and grow their product quickly instead of re-inventing the whole wheel.

It is a fairly competitive space which leads API providers to spend on customer acquisitions through sales, getting interest of developers, free offerings upto a certain scale and at the same time, updating tech and investing in RnD.

Major competitors in this segment are Google Maps, TomTom, HERE Tech, Map Box, ESRI ArcGIS, Sales force Maps, Azure Maps, MapQuest

This segment is growing at a much faster pace, creating space for all competition to co-exist. With increasing penetration of internet and smartphones, growth will come from increasing use of location based apps, hence more transactions and increase in new applications using location based APIs.

The geo-spatial analytics space in India comprises of foreign players like ESRI, AutoDesk and Trimble. In addition to this, there are several other players like Rolta, RMSI, Infotech Enterprises.

Google : Elephant in the room

Spaces that google is present in this industry are as below :

Ad-sense - Google Maps earns majority of its revenue from Google’s Ad words and charges companies to advertise on google map app. For instance, if you search for Mumbai in Google Maps, it’ll show places, restaurants, cafe to visit.

APIs - Google Maps also provides APIs for different location based data and it’s pretty famous among developers however their prices are premium as comparison to other players and they also don’t provide HD, 3D Maps to doorstep level which might be a requirement for some e-commerce companies.

Navigation Assistant - Google stayed away from this segment until March 2017 when Google and Intel together with Volvo and Audi developed an Android Automotive Operating System (AAOS) combined with Google Automotive Services (GAS) which is a collection of applications and services like google maps, play, assistant, etc that OEMs can license and integrate into their in-vehicle infotainment systems. Volvo, Ford and GM are using AAOS with GAS.

In April 2019 Google opened up the APIs for developers to start developing applications for Android Automotive

Renault-Nissan-Mitsubishi alliance, one of the world’s top-selling automakers, has decided to go with Google’s Android operating system to run its dashboard information and entertainment features. A key reason cited previously by TomTom for Google’s contract wins was drivers’ desire to use a familiar, easy interface in their cars that is similar to the ones they are familiar with from their cell phones.

In September 2021, Honda announced that it would use Google’s Android Automotive OS in its cars starting in 2022.

Over the years, carmakers has been hesitant in giving full access of dashboard to Google due to data privacy concerns and willingness to own the branding for their dashboard. However, now with leading OEMs joining hands with google and well known superior quality product / brand of google, it will be the biggest risk for players in this segment like MMI, TomTom, HERE.

Financial Metrics

Overall Revenue Growth for company is flattish since 2018 but is expected to show high growth this year (31 % ▲ ) as per 1H22 Annualized numbers.

One of the reason for flattish performance is decline in IoT Products (GPS products) as they are mostly related to automotive industry which itself is facing strong headwinds from last few years and there is also a lot of local and foreign competition in hardware product market.

However, things get interesting when we look at segmental revenues below.

Another reason for overall revenue trend is Revenues from Automotive and Mobility (translates to Navigation Assistant, InTouch Platform and GPS products) has been declining rapidly majorly due to Slowdown in Automotive Industry. It has shown strong performance in 1H22 and expected to show high double digit growth in 2022.

Even with sharp decline in Automotive Segment, Consumer and Enterprise Segment (translates to APIs, SDKs, Customized Solutions and Analytics) is growing at rapid pace on account of exponential rise in digital economy over the globe.

Orderbook, which is projected on the basis of current orders + expected volume growth of clients for the next 3 Years and is subject to change in future based on Indutry demand, hence should be considered with pinch of salt. That being said, numbers provided for Orderbook are growing at exponential pace and should translate to high growth in Revenues, if all went well.

“70% of orderbook is based on projections of volumes from OEMs. The volume projections are based on either the projections shared by OEMs or based on the historical usage trends amongst certain other parameters. Our customers may terminate contracts before completion, negotiate adverse terms of the contract or choose not to renew contracts, which could materially adversely affect our business, financial condition and results of operations”

Margins

Variable cost in case of MMI are Software License Fee / Material Cost, Cloud Hosting Fee, Customer Customisation / Servicing.
Contribution margin has been increasing over the years mainly due to decline in Software License Fee and Customer Customization which generally relates to Automotive and Mobility Segment.

EBITDA Margins has also increased primarily because company has decreased non-permanent employees workforce and because of stable fixed cost and high contribution margin, EBITDA margins should be expected to increase in future with the rise in revenues.

Profit After Tax has also shown double digit growth because of increase in margins and one time exceptional ‘other income’ in 2021 after selling some investments / mutual funds.

Company has been surviving since two decades, on the basis of healthy cash flow generation. Due to asset light nature of business, EBITDA generally flows almost completely to Profits, CFO and Free Cash Flow. CFO in 2021 looks optically high because of changes in Financial Assets / Liabilities which will probably revert back to mean in coming years.

Growth Opportunities

  • Drone Industry
    • Drone industry is rising over the globe with the increased use cases and improved technology. Drone helps in quick field surveys, Supplying Essentials, Sensor Equipped for defense purposes, Geographic mapping, Safety Inspections,Crop monitoring, shipping and delivery.
    • Since GPS / GNSS (Global Navigation Satellite System) is a regulatory requirement for Drones, this could be a opportunity for MMI to strike deals at a nascent stage.
  • Rise in Electric Vehicles and Semi Autonomous Vehicles
    • As we move towards autonomous vehicle spectrum, Navigation Assistant will be required in most of the vehicles
    • Since, Automobile industry has seen increase in volumes, we can expect it to reflect in MMI Revenues
    • However, Google will remain a Challenge and need to have a keen eye how Google and other players are exploiting this market
  • Licensing of Maps
    • After the Geo-spatial liberalization in 2021, licensing of maps could appear as one of growth driver for MMI as Foreign Entities that provide HD and 3D Maps (TomTom and HERE Tech) will have to license map APIs from Indian Entities.
    • This could also benefit them bagging deals with potential clients
  • API revenue growth
    • Major Growth is surely expected from the APIs / SDKs which will be driven by
      • Increased traffic and transactions in existing clients like Paytm, PhonePe, Yulu
      • Addition of new clients which is expected with increased internet penetration, new start-ups and advancement of technology.

Vulnerabilities and Risks

  • Expansion of Google’s Android Automotive Operating System
    • Google is continuously finding ways to make Maps as its next billion dollar business. It was clear in 2018 when google did exponential price hike in APIs and then entered into Automotive segment .
    • Even though, currently main focus is in US and UK markets but it is a matter of time until google will try to capture the market in India.
  • Low RnD Spend
    • Considering its peers and being a tech company, RnD Spend is very low for MMI.
    • This could limit their scalability and could end up losing clients. They have also lost clients in previous years.
  • APIs/ SDK space is competitive.
    • API/ SDK segment, though highly profitable is competitive and price sensitive.
    • Switching Cost is moderate, Many companies have switched from using google map APIs to other providers after they’ve increased prices in 2018.
  • Increase of Supply
    • After new regulation, where Indian entities need no approvals for Map Data, new competition may arise from Indian players, hence challenging the economics of this industry
  • Customer Concentration
    • In the last three Financial Years, the number of customers that accounted for 80% of our revenue from operations were 17, 22 and 25 in Financial Years 2019, 2020 and 2021, respectively.
    • Though company is moving towards diversifying the revenue pool, losing key clients is a big risk to subscription revenues.
  • High Dependence on End User Industry
    • A large chunk of revenue comes from Automotive sector, hence revenues can get impacted in case of draw down in industry.

[Disclaimer: Holding a tracking position in this company. I’m not a registered Investment or Financial Advisor. Any information in this article is from personal research and is not intended as, and shall not be understood or construed as , financial advice. It’s very important to do your own analysis and reviewing the facts before making any investment based on your own personal circumstances. Kindly seek professional advice before taking investment decision.]

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excellent writeup, studying the script, and just awaiting for the Q3 results to out. I would like to understand the management prospects concerning to investors before pitch in.

by the way I found the video of management interview at this, this will help to get conviction to some extent.

Mapmy India IPO In-depth Business Details

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Would someone be able to summarize the key reason to the preference for MapMyIndia mentioned in this article which is behind a paywall?

I guess the text of the article that I had posted was flagged and got removed.

I am posting the key points from the article where Rohan Verma (CEO) addresses why MMI may be able to beat out competition from Google in India. These are not my views about the company, but excerpts from the interview given by MMI CEO to ET.

How can MMI beat out competition from Google?
As per him foreign players are restricted from dealing in 4 key areas

#1. Foreign players cannot deal in data that is finer than one metre horizontally and three metres vertically. Any data finer than this cannot even pass through their servers according to the National Geospatial Policy, 2021 guidelines
#2. They cannot do terrestrial mobile-mapping surveys.
#3. They cannot provide street view.
#4. They cannot survey the territorial waters.

So geo-spatial data regulations are a moat for the company against the likes of Google.

In areas where Google is allowed to operate, why have some clients chosen MMI?

#1. According to him, MapmyIndia has become the preferred choice for anyone who wants to avoid any conflict of interest with Google in India. Google competes in every business and is seen as a future competitor by its global peers that are setting up shop in India or are planning to do so.
#2. Google monetizes user data for advertising, clients wary of this prefer other solutions

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Thanks for putting this together. while much of it is from RHP, it is great that you have added your views and insights on top of it. Appreciate that!

I love MapMyIndia…but there are some foundational missing pieces of the puzzle for me:

  1. A per their pre-IPO call, they said it takes 3 years for their order book to reflect in actual revenue. Being a product and SAAS company, don’t know why it takes 3 years for order book to reflect in revenue

  2. Last 3 years revenue growth and profit has been almost flat…last year profit growth is more due to one time gain (you have already captured it). Such window dressing before IPO reflects poorly on management confident in its business.

  3. The report on market size and competition bench marking that most analyst are talking about has been created by Frost and Sullivan and it was sponsored by MapMyIndia as part of IPO.So no idea how much of the numbers mentioned are realistic or whether the gap to competition has been truly captured (or worse, mis-represented!)

  4. Mapping and other solutions offered by the company are foundational blocks for digital economy, and yet it has not become de-facto choice for majority of digital companies.Need to know if promoters and sales team really have a drive to aggressively go out and capture market or they are waiting for customers to come to them

5)All proceeds from IPO have gone to individual sellers … MapMyIndia has got nothing from the IPO to fund future growth plans or acquisitions

  1. This may not be critical, but if you read RHP, promoters assigned new shares to themselves at fraction of IPO price to increase their holding… though I won’t hold this against them as all promoters play such tricks now …but answers to other questions are needed to take a substantial bet in this company

It has great potential…but can the potential get converted into reality that needs to be seen…so for now I am tracking it… valuations are insane at the moment though

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Actually my post is in response to Investor01 who has started this thread. So no issues from my side on your post.

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My 2 cents on this point. Public listing isn’t purely for fund raising. Part of it is also to build a consumer brand as the company expands and grows. EaseMyTrip is a perfect example of this. If you read Prashant Pitti’s talks and their recent marketing campaigns etc, its pretty clear.

Now, I don’t know whether MapMyIndia had any such consideration, but I won’t hold no fresh issue against them. We have to have broader set of metrics to evaluate promoter integrity, corporate governance, etc. :slight_smile:

I do agree with your point though. Maybe a relevant question here would be:- What does MapMyIndia need the funds for? They also have close to 400crs on their books. Why dilute holding for funds when you don’t need them now?

Maybe wait for a year and let price rise and then do a QIP? I’m being the devils advocate :slight_smile:

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Thanks for mentioning these points.

Regarding Orderbook : Majority of their revenue was used to be (and still is) from Automobile Segment, which is not recurring revenue model but pay per vehicle (with 3-5 year contracts). I believe most of the order-book reflect that. Another Major product is their API / SDK segment (which they call PaaS), it is also not recurring revenue model, but pay per transaction model. This might be the reason for their 3 year orderbook. They have also mentioned that 70% of orderbook (say 327 out of 468 Cr in FY’21) is based on projections of the volumes of vehicle to be sold / manufactured. So IMO, orderbook is just a suggestive metric but not something to rely your investment on for this co.

Yes, Completely agree on your other points. Selling 30 Cr of mutual funds just before IPO could be an attempt to show optically up trend of PAT and also I wasn’t convinced on Competitive Benchmarking or Addressable market size projections, hence chose to not mention that in the original post.

Because of several doubts and little information points and high valuations obviously, I sized my position accordingly and tracking actively of their developments.

Main thesis pointer is their PaaS (Consumer / Enterprise) , which is growing at ~50%. If this growth rate continues for more years with decent uptick in Automobile segment combined with increase in EBITDA margins, this could be a good opportunity.

Another thing (Precautionary) I would like to mention is that currently there is only 9-10% free float for retail. So prices could remain volatile and things can go either way quite quickly.

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Great thread.
Valuations are a bit on higher side.
I had a question in mind that the new rules restrict foreign entities to capture data, but what would stop a foreign entity to have an indian entity if the TAM and growth is too large, barring some additional law that would be applicable?

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Thanks for your views. Over time have learnt not to use a single data point as input for making decision on promoter. The fact remains that one of the promoters and early investor encashed some of their share holdings, but at the same time promoters also issued similar amount of shares to themselves to keep their overall percentage holding approximately the same!!

While they have the cash, they have not shown any intent of using it to go out and aggressively capture market share directly or through investments in adjacencies…that drive in growth is missing for the last 3 year revenue and profit data they have shared.

Waiting for con call and AR report to get some insights into managements vision for future.

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Thanks for the clarifications and additional input on free float. it helps.

Time to wait for concalls and annual report to gain more insights.

My Key Observations from the interview:

  1. There Q3 was muted because of low Auto sales due to Semi Conductor Shortage. He mentioned that their sales are lumpy and you can cross check this comment with their interview on Bloomberg Quint.

  2. They acquired Bajaj Finance and listed QSR companies as customers.

  3. They are promoting their consumer app is being promoted by the ministry of road transport. I think this is a big optionality for them. They are promoting their consumer app without much advertising. I also follow Mr. Rohan Verma on twitter, and saw this there also. He has been tweeting about Map My India’s features on their consumer app.

Will be listening to the Concall for more details.

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Very disappointing to see not enough disclosures in the initial presentation and concall. Finally, after consideration, they’ve released another presentation including Segmental Breakup.

3Q FY22 Result

  • Revenue : 3Q22 vs 3Q21 : -11% ↓ | YTD’22 vs YTD’21 : 37 % ↑
  • EBITDA Margins : 3Q22 : 36% | 9M22 : 43%
  • PAT : 3Q22 vs 3Q21 : -14% ↓ | YTD’22 vs YTD’21 : 60 % ↑

Concall and New Presentation Highlights

  • Revenue Decline as per management is due to semiconductor shortage issue in automotive side and some of the C & E revenues being milestones based which makes the Quarter lumpy. Also, Q3 FY21 has some effect of Pent-up demand which caused the revenues of this Quarter look optically low.

  • Generally milestone based revenues comes in Q2 and Q4.

  • No comment on Orderbook numbers, will provide it Annually.

  • Other than already known clients from DRHP, they’ve added Bajaj Finance (C&E Segment).

  • Revenues from C&E segment are fixed + milestone based + transaction based - Generally contracts are on Yearly basis and cause lumpiness in certain quarters

  • Question on Govt Restriction Policy : If Foreign Competitor acquires Indian Company and is a subsidiary to them, it will also comes under restriction of govt policy.

  • Question on Addressable Market : Addressable market shown in RHP and Investor Presentation is total numbers of cars and digital application market (As per F&S report, for which company paid). It is nowhere near the actual market

  • Segmental Breakup

    • Consumer Tech and Enterprise : YTD’22 vs YTD’21 : 33% ↑
    • Automotive and Mobility Tech : YTD’22 vs YTD’21 : 40% ↑
  • Product Breakup

    • Map and Data : YTD’22 vs YTD’21 : 24% ↑
    • Platform and IoT (SaaS and PaaS offerings) : YTD’22 vs YTD’21 : 44% ↑
  • Acquired 9.99% stake in Pupilmesh Pvt Ltd for 49.95 Lacs (Valuation ~ 5 Cr).

Personal Opinion

Too early to conclude from the governance perspective but management needs to be more transparent with the data they’re providing. Need to see disclosures in future quarters and to see whether management will be able to walk the talk.

Hopefully, valuations will come to reasonable levels.

[Disclaimer : Holding tracking position]

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From what I have heard in the Concall, they want to disclose their order book on an annual basis as this provides a better picture.

Secondly, I think the reason for their lack of disclosures is more because of their inexperience and not because of governance. Cause they quite quickly issued an updated presentation.

They had already mentioned in their pre-ipo interviews that their revenue and PAT should be judged on an annual basis rather than quarterly as it is very lumpy.

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  • Concall sounded more like pre-IPO pitch call.
  • Rohan Verma - CEO deflecting some of questions to his father shows that he still doesn’t have strong footing.
  • Result deliberately avoided Q3FY21 vs Q3FY22 which would have showed degrowth. Instead they have given only 9M comparison. Doesn’t give good opinion.
  • Also shows the cyclicality of the business with major revenue depending on auto/vehicles.
  • With most cars now going for Android Auto / Apple Car - Need to understand the long term impact of this as MMI depends on preloaded maps on the devices.
  • Also I feel the entire thesis stands on just one hinge - Govt regulation. Any tweak in this, valuation will evaporate in no time.
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Anywhere can you find revenue breakup ?
how much they make from Auto sector ? "Even on con-call they didn’t give any definitive answer " Why do they want to hide it ?

First of all, congratulation on a successful IPO Rakesh and Rohan. Just on my first question,
wanted to understand how the order book for the quarter looks like, also if you can share the
breakup of revenue between auto and the consumer segment?

Rohan Verma: This is Rohan here. Our annual new order booking is what we track and monitor on an
annualized basis or annual basis. We are three quarters in, the last quarter is still to go. The
orders that we book are typically, let us say, from automotive OEM when a new generation
of vehicle platform or vehicle model is decided, they decide which all vehicle models
MapmyIndia will go preinstalled in, and based on the quantity and the rate contract, the size
of contract, the order is determined. Similarly, for APIs, when customers use our APIs and
they decide on a minimum guarantee or for annuity-based business where people are using
us for a particular use case and then depending on the milestones, yearly kind of payouts and
revenues are decided and for that is the total order is booked. So, orders for these large B2B
and B2B2C contracts, we track it on an annual basis. I can just tell you that based on the first
nine months performance of our annual order booking, it is looking quite healthy. We are happy with it. We have one more quarter to go to complete the full year and if you look at the
orders that we have already booked or the pipeline that we have put together we are quite
excited about where that stands. That’s one part. The second question that you asked is what
is the split of revenue between A&M (automotive and mobility tech) and consumer tech and
enterprise digital transformation revenue. It is skewed more towards automotive and mobility
tech in Q3, could have definitely been even higher but for the semiconductor shortage leading
to automotive sales is getting impacted. Consumer tech and enterprise digital transformation
as I explained from B2B and B2B2C contracts, they were relatively muted because the impact
of that would have shown up either in Q2 or will show up in Q4, so it was skewed more
towards A&M this last quarter.

They said they will disclose annually -
Kawaljeet Saluja: Just a final question Rohan, are you going to be disclosing your segmental breakup of
revenues between A&M and consumer tech segment or other enterprise segment going
forward and would you be disclosing your order wins every quarter or will that be an annual
affair?
Rohan Verma: Definitely, with next quarter we will also be sharing our annual results so you will see the
revenue split by A&M versus C&E, you will also see our annual new order booking so next quarter for sure you all will get those numbers. We would like to, as of now as we speak,
maintain that hygiene of annual new order bookings as annual metrics reported and revenue
split by market as a six-monthly metric, of course other parameters you are seeing quarterly.
That is what our preference is at this stage to reflect more of our longer-term business but
that are inputs I can give you right now at this stage.

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MapmyIndia Q3 result analysis! Recent IPO and good movement seen in price recently…




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More details of Acquisition of Pupilmesh -
Sales
FY20 - 37,000
FY21 - 2.37 lac

Acquistion done on valuations of ~211 Price to Sales

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Just something that I noticed while looking at the Govts. Economic Survey. This really goes on to show how entrenched MapMyIndia is when it comes to govt digitization. In the budget they also talked about digitizing land record using drones.

Mr. Rohan Verma talked about how they are builing APIs for both drone technology and how foreign companies are not allowed to map in HD and within 1M. This leaves MapMyIndia without any competition here.

Walking the talk. They talked about acquiring a logistics Saas Company in the future. Valuation at which it is acquired looks very cheap: only at 2 times sales.

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It would be in correct to say that MapMyIndia has no competition in the govt space. There are dozens of startups and private companies in India who are working with various state govts and central govt departments on land survey, geospatial mapping and other areas.

Nothing against MapMyIndia…I have this strange feeling that they are content with market coming to them vs aggressively going out and capturing the space…that hunger to become defacto pipe in digital economy is missing.

Anyone knows insiders? Can we get some insights on their sales team - how driven they are?

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