MapmyIndia, the leading digital map data, geospatial software and location-based Internet of Things (IoT) products and platforms company, said the company will expand its product range for the consumer segment this year, aiming to grow by around 40 per cent in the segment in FY24.
The company has more products for the original equipment manufacturers (OEMs), enterprises, and major customers, including Maruti Suzuki India, Hyundai Motor India, Kia India, Honda Cars India and MG Motor India, Coca Cola, Apple, Amazon, HDFC, Paytm, Bata, and CBDT.
It is also working with the government like the Ministry of Road Transport and Highways, and Smart City projects.
“Gadgets is one part of our IoT-led business, which we sell to enterprises and consumers (through online stores and multi-brand auto accessories outlets). The IoT-led business grew from ₹25 crore in FY22 to ₹60 crore in FY23. A 140 per cent growth is quite significant...the aspiration is to grow by at least 40 per cent (around ₹85 crore) in FY24,” Rohan Verma, Chief Executive Officer and Executive Director, MapmyIndia, told businessline.
The idea is to grow this business multifold with an increase in distribution and marketing budget, he said. The company has recently launched smart gadgets like dashcams and smart helmet kits, for which it is receiving good demand. The company also recently announced a strategic investment of ₹7 crores in a drone solutions start-up, Indrones Solutions Private Limited.
The company has served more than 2,000 B2B and B2B2C customers since its inception (1995). MapmyIndia is building not just 2D maps, but also 3D (with landmarks, terrains, and city models), 4D (updating in near real-time), HD (high-definition and high-accuracy), RealView (photorealistic representing actual ground reality), and hyper-local geo-demographics data-rich maps, to continuously evolving its AI-powered Digital Metaverse twin of the real world, Verma said.
He added that the company is getting good response for its Mappls App and Mappls Gadgets from across the markets. The company is also building digital maps for other regions in the world, and has integrated global maps for over 200 countries into its Mappls platform, he said.
In India, the auto sector holds a lot of potential. “The potential for our company is exciting because there are around 20 crore vehicles on the road, and many consumers want our devices (like infotainment, GPS tracking devices, etc) in the aftermarket. We sold around two-lakh devices last year ,and there is a lot of opportunity in this market, including from the OEMs.”
The company declared its results on Monday in which it reported a consolidated net profit of ₹108 crore in FY23, a jump of 24 per cent. Revenue from operations also grew 41 per cent to ₹282 crore.