With the establishment of MapmyIndia, Rakesh Verma and Rashmi Verma entered a sector that was hardly explored in India 25 years ago. MapmyIndia is an Indian technology company that builds digital map data, telematics services, location-based SaaS and GIS AI technologies.
More that two decades ago, when Rakesh and Rashmi Verma decided to create digital maps in India, the couple went totally off board, quite literally. Long before Google revolutionized web cartography, the Vermas traversed India’s mega cities by foot, meticulous charting streets and landmarks. But their efforts were paid off recently as the Vermas’ startup met with resounding success during its trading debut after its initial public offering. The stock rose around 35 per cent to 1,393.65 Indian rupees ($18.4), pushing the couple’s net worth to about $586 million. It was a fittingly bold start for a company that sells digital maps and geographic data covering India’s challenging topography.
Vermas’ startup met with resounding success during its trading debut after its initial public offering. The stock rose around 35 per cent to 1,393.65 Indian rupees ($18.4), pushing the couple’s net worth to about $586 million. It was a fittingly bold start for a company that sells digital maps and geographic data covering India’s challenging topography. Healthy financials with no debt and stellar subscription to its IPO supported the strong listing for MapmyIndia stocks. The stock pared some of the gains to trade 35.7 per cent higher at 1,403 rupees at the end of the day. The maiden public offer of the advanced digital maps, geospatial software and location-based IoT technologies provider, which was open between December 9 and 13, received a strong response from bidders and was subscribed 155 times. Apple Inc. and Amazon.com Inc. are among those that have purchased the company’s software, according to a Bloomberg report.
In a recent interview with Bloomberg Rakesh Verma stated how no body understood mapping data when they started off with this concept. He further stated, how 25 years after, mapping data pervades business, industries, government-owned companies and ministries.
Rakesh and Rashmi started off in the mid 1990s when business hardly had any interest in buying mapping data and public internet access was still far from reality in India. Bengaluru and Gurgaon’s startup culture was yet to flourish back then but the Vermas stayed, and they stood out by staying. Rashmi, who is in charge of the technology wing of the business, instrumental in expansions into sectors ranging from automotive to government-owned companies. She sold 42,51,044 equity share through the offer.
MapmyIndia IPO was an entirely offer for sale (OFS) issue with to 10,063,945 equity shares by existing shareholders and promoters. The company has raised Rs 1,039.6 crore at Rs 1,033 per share though it will not receive anything from the offer. The company aimed to offload 10,063,945 equity shares and achieve the benefits of listing the equity shares on the stock exchanges.
CE Info Systems is a leading company offering proprietary digital maps as a service (“MaaS”), software as a service (“SaaS”) and platform as a service (“PaaS”). Established in 1995, the company is India’s leading provider of advanced digital maps, geospatial software and location-based IoT technologies. MapmyIndia provides services to more than 5,000 clients like Mercedes Benz, Maruti Suzuki and Bharti Airtel, and partners with government-run Indian Space Research Organization and the Indian Meteorological Department.
It is for people like Rakesh Verma and Rashmi Verma that we still have hope for a better tomorrow. The Verma’s have not only excelled in their field but their never-give-up attitude has set a benchmark and are a source of inspiration for millions of youth of the country.