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Digital mapping company MapmyIndia has applied to markets regulator SEBI to raise capital through an initial public offering (IPO). According to the draft Red Herring Prospectus (DRHP), the IPO is purely based on an offer for sale (OFS), under which 75,47,959 equity shares will be offered for sale by the promoters and existing shareholders.
The IFS includes sale of 30,70,033 shares by Rashmi Verma, 20,26,055 shares by Qualcomm Asia Pacific Pte Ltd and 10,27,471 shares by Zenrin Co Ltd. MapmyIndia, also known as CE Info Systems, is backed by global wireless technology company Qualcomm and Japanese digital mapping company Zenrin.
What is Mapmyindia
Map My India is a location navigation app like Google Map. ISRO and Mapmyindia have partnered to develop this app. According to MapMyIndia, satellite images and observation data will be provided by ISRO. Based on this data, MapMyIndia will provide services to the people in a digital way through the app.
Its CEO Rohan Verma has said that this indigenous app will revolutionize the entire country and will prove to be a milestone. After the arrival of this app, we will not need to depend on other country’s apps.
PM Modi has also tweeted
PM Modi also appreciated this app and said through tweet that this app will prove to be very helpful under self-reliant India. This will make it easier to see the map on mobile. This will be India’s own map.
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