MapMyIndia - The Map Company

I don’t think I said that they have no competition. I said that they seem to be very entrenched in govt. programmes. Cause recently whatever I see is backed by them- like the economic survey and republic day drone show. This is just a general note and not a data backed argument. However, I have not been able to find any names. You might be correct on this front, it would be great if you mention the names. Even in the video by Sanjeev Sanyal on this topic, only MapMyIndia was interviewed and no other company.

On your part of them not being aggresive, would they be acquiring companies and increasing their capabilities if they didn’t want to be aggresive?

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My apologies, I mis-read part of your post. Some links below might help get insights on the large startup and private ecosystem that exists and works in many areas where MapMyIndia is also working (beyond maps)


Thanks a lot, this helps a lot. Additionally, MapMyIndia is a cash rich company (over 300 crs. in cash) and makes continuous profits and cash every quarter. These other startups are likely to be region focused and in an investment phase (are likely negative cash flows).

Just have a look at their Cash Flow statement. 79 crs. of cash from operations and only 2 crs. of investment. They mentioned it in the Concall also. That they have done all the hardwork and not they are going to use this tech to get new orders, even internationally.

Hence, it would be easy for MapMyIndia to acquire these companies. Just look at what Saregama is doing in the music space. Though, there has been no mention of this. But this is usually what happens.

Just found this article, this also shows that MapMyIndia is also benifiting from govt. policy more than foreign players. This also shows two more things:

  1. It is indeed agressive in acquiring customers
  2. They have a better tech as compared to other players, they have mentioned this in their concalls and this also corroborates it.

Went to website of GTropy Systems (latest acquisition) and it was surely not what I expected.

The website is full of dead-links (Link which don’t have linked pages).
Any of the solutions listed doesn’t have a page, case study page has UI issues, Products page show asset tracking and personal tracking products as blank, even their Career page take you back to the same page if you try to apply. Handouts - Brochure - Page not found.

None among the below link (except requesting demo / become partner) works in this section. I thought we may find it’s reason in FAQ but that don’t work either. Linked-in and twitter link at the bottom - Nah ! - Please somebody check, in-case this is just specific to my chrome browser.

Nevertheless, As mentioned in the circular by MMI, Sales for Gtropy in FY19 was 0.04 Cr, Hence one can presume company is founded in FY19 or before. However, Linked-in profile of both the founders says otherwise. Both Founders (as per linked-in profile) started GTropy in Jan 20.
Both of them were also founders of Axestrack Software Solutions Pvt. Ltd before Jan 20, which is doing same business as GTropy.

Coming to Products, It seems they sell GPS Vehicle Devices and One App (named the locate - the great app) that shows the location of that device. They mention 1Lac App downloads on site, however google play store is showing 10k Downloads (probably a typo :slight_smile: )

They have got clients such as TVS Logistics, Pernod Ricard, Suzuki, Honda, Diageo, Hathi Cement, Baroda Freight Carrier, Wonder Cement, DGFC

I am not sure what is the basis for this acquisition. I don’t see this as value accretive or any skill as MMI already has these products and such software ( I believe a better one) and also access to most of these clients.

One thing that I could think of is may be this will give MMI a foot in the door for some of the GTropy clients like cement and pernod.

| Disclaimer - Still have a tracking position. These are just observations and opinions. Might Sell. Views could be biased.


Nice work on digging into the acquisition. Sort of confirms my observations/apprehensions from their Q3 results press release and con call which i) tried very hard to focus on 9M comparison to avoid showing weak QoQ comparison and ii) was full of buzzwords - IoT, logistics tech, augmented reality metaverse tech (??), Map as a Service, Platform as a Service, Software as a Service, 4D Al-powered Digital Map Twin of the Real World etc.

This is a 27 year old company with 200-250 cr revenue trading at 8,000 cr + market cap. Not for the faint hearted :slight_smile:

Disc. No position, tracking new IPOs


My two bits

B2B > how entrenched are they vs. competition ? USP?

B2B2C and B2B
Have any of you use MMI.
Have many of you use Google Maps ?
Ola, Uber, and I use GM
What do Swiggy, Zomato, DHL, Blue Dart, Fedex, Delhivery use?


This is an excerpt from their RHP, it states that Ola is their customer. Maybe they are talking about Ola electric, as they have a 80% market share in auto segment.

They have always said that they don’t focus on the B2C segment. However, in their Concall they mentioned that the Ministry of road & transportation is promoting th use of their app to avoid accidents. So, they are getting targeted advertisement s without any cost. This always stays an optionality for them. I am not baking this into my thesis for the company.

Lastly, on you part about their competitive advantage. I have not read about a single national competitor. Even in the RHP all the other companies are foreign companies.

And the advantage over foreign companies has been explained in this tweet by @Tar sir.

Google map remains unaffected in their B2C app.


Thanks Chaitanya for taking this forward
Dare I say it - my hypothesis is they seem to have plateaued for now - track and buy at dips
The IPO fund raise was NOT strictly required
Discl. small tracking position


Hi Arvind, thanks. You might be correct that they seem to be plateauing but one quarter shouldn’t really change the thesis. Mr. Verma said that the fall was due to the drop in sale of Automobiles due to semiconductor shortage, and I am sure that you have heard about this problem. And nearly 50% of their revenue comes from this.

If you have a quick look at their quarterly presentation you can see that the C&E(consumer & enterprise) segment as % of revenue and as an absolute value has been continuously increasing whereas the auto segment has been decreasing. This decreases the cyclicality of their earnings and makes it more secular.

Additionally, the auto sector has been through 3-4 years of a downturn. And even though I don’t deep knowledge about the Auto sector, most of the analysts have said that the auto sector is going to boom after the availablity of semiconductors. In that case their underperforming segment will also start booming. In hindi you say - ‘Sone pe Suhaga’. Hence, It is about 3% of my portfolio as of now and if in the coming couple of quarters they perform I will double down on the stock.


Thanks for the heads up Chaitanya
I would wait for two consecutive quarters for uptick in Revenue and EBITDA as well as in A&M and E&C customer segments, being mindful of the “demanding” Price Earnings multiple
Wish you well !


Looks like they are planning to go B2C.


C.E.InfoSystems InitiatingCoverage.pdf (1.7 MB)

Map My India IC By Monarch


Monarch Networth capital
assigns 55x PE multiple to FY24E EPS (35% premium to Zenrin)
Zenrin Co. Ltd. is a Japanese map publisher.


2015-16, started using one of its Premium product, paid around 10K, for that. Honestly speaking, experience was very bad. You need to buy a separate GPS product, like Garmin and use that. Service standard , in case things go wrong for B2C was very poor , even in a city like BLR. After 1 year, stopped using the product, lost 10K

On another instance- in 2019 end, was dealing with India’s flagship Cement MFG cos, ( Don’t ask the name), we offered, MMI and Google Map both, client clearly opted for Google , although pricing of MMI was cheaper as visually, google was far better. We as a SI also can view it

Hope they improve on specially B2C front now.

Also , there must be some compelling reason for B2B ones to migrate to MMI too, mind it , Google for business is not free


Alchemy capital looking at Map My India now.
They were among the few who took Tata Elxsi stake very early which might have been a 10x for them.


#MapMyIndia Came out with a good set imo
Margin expansion @ 46% now
Open order book is up 85% which gives a lot of space to play around + shows the demand is robust and growing.

  • Automotive + Mobility Tech :arrow_up_small: 65%
  • Consumer Tech + Executive Digital transformation :arrow_up_small: 37%
  • Products - Map & Data :arrow_up_small: 53%
  • Platform & IoT was :arrow_up_small: 47%

Gtropy acquisition is underway to complement their Core automative OEM business


MAPMYINDIA Q1 FY23 Result Update!!!
Looks good for a long term opportunity…


MAPMYINDIA AR 2021-22 Notes!!!


I wonder why the company has not been able to scale B2C segment when they have such vast and rich geo spatial data since last so many years and are a pioneer in the field.
New startups like wheelseye and rivals are quite aggresive in the business of gps tracking and providing other SAAS products.
Fail to understand why the company is not aggressive in B2C segment and Indias ever growing logistic sector ?

I think the reason might be that so far the company did not focus a lot on the B2C segment. Now the company has started to spend aggressively on its B2C business. The acquisition of Gtropy also allows them to gain market share in the logistics sector.