MapmyIndia’s revenue rose in Q2 FY25 as it sets sights on international markets through a joint venture with Hyundai Autoever, aiming to provide advanced mapping solutions across Southeast Asia.
08 Nov 2024 | 4031 Views | By Autocar Professional Bureau
MapmyIndia (C.E. Info Systems Ltd.), India’s prominent digital maps and deep-tech products company, has announced a new joint venture with Hyundai Autoever. Named PT Terra Link Technologies, this joint venture is based in Indonesia and is expected to help expand MapmyIndia’s presence in Southeast Asia, focusing on map-based solutions for ...
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MapmyIndia (C.E. Info Systems Ltd.), India’s prominent digital maps and deep-tech products company, has announced a new joint venture with Hyundai Autoever. Named PT Terra Link Technologies, this joint venture is based in Indonesia and is expected to help expand MapmyIndia’s presence in Southeast Asia, focusing on map-based solutions for automotive OEMs and other businesses in the region. MapmyIndia will hold a 40% stake with a $4 million capital investment in the venture, which anticipates generating multimillion-dollar revenue over the next five years, with revenue operations projected to start in FY26.
For Q2 FY25, MapmyIndia’s revenue from operations reached ₹104 crore, reflecting a 14% year-over-year increase. The first half of FY25 (H1 FY25) saw revenue growth to ₹205 crore, up from ₹181 crore in H1 FY24. The company’s EBITDA for H1 FY25 was ₹80 crore, with a margin of 39.1%, slightly lower than the 43.2% margin in H1 FY24. The Q2 FY25 EBITDA was ₹37.5 crore with a margin of 36.1%, compared to ₹40.5 crore and a 44.5% margin in Q2 FY24. The decrease in margins was primarily attributed to ongoing investments in consumer business expansion, with these expenses booked over the last four quarters.
MapmyIndia’s Profit After Tax (PAT) for H1 FY25 grew modestly to ₹66 crore, up from ₹65 crore in the prior year. The company’s IoT-driven EBITDA margin improved, rising from 7% to 14%. Additionally, downloads of the Mappls App saw significant growth, increasing from 10 million in H1 FY24 to 25 million in H1 FY25.
According to Rakesh Verma, Chairman & Managing Director of MapmyIndia, the joint venture will support MapmyIndia’s current customers and bolster its growth in the international market. The company remains focused on achieving its long-term financial goals through FY27-28.
MapmyIndia’s Automotive & Mobility Tech (A&M) segment revenue increased by 19.3% YoY in H1 FY25, while Consumer Tech & Enterprise Digital Transformation (C&E) revenue grew by 8.2% YoY. In Q2 FY25 alone, A&M revenue rose by 27% to ₹60.9 crore YoY, while C&E revenue remained stable at ₹42.7 crore.
COO Sapna Ahuja noted that despite market challenges in Q2 FY25, the company maintained performance through open orders and collaboration. Recent customer acquisitions and deepened client relationships across automotive, fleet management, tech startups, corporations, government entities, and defense contributed to revenue. MapmyIndia’s diverse solutions, including ADAS and EV mobility technology, video telematics, APIs, SDKs, and 3D digital twin mapping, experienced increased adoption across sectors.