Navigation and tracking solutions provider MapmyIndia is considering raising funds later this year to scale up operations and tap opportunities in new segments. The company, which is known for its navigation solutions and has all the major car makers in India as its clients, says its order book for this fiscal has doubled to Rs 200 crore as compared to Rs 100 crore last year.
"We are cash positive operations wise, however, we may need some more investments considering our plans. So we might raise funds later this year," MapmyIndia Managing Director Rakesh Verma told PTI.
He, however, declined to comment on the quantum of funds to be raised. In four rounds of funding that the company has received so far, it has raised a total of $ 30 million. MapmyIndia has two financial investors Lightbox Ventures and Nexus Venture Partners, and two strategic investors Qualcomm Ventures and Zenrin Co Ltd.
Asked about the timing of raising funds, he said: "It is just the initial phase of consideration. We have not finalized anything. Another fact is that the investment cycle of our two financial investors are coming to an end."
On valuation, he said, "In the last round of funding we did in 2011, the company was valued at $ 115 million."
Commenting on the company's future strategy, Verma said: "In the navigation side, we have established ourselves fully. We are partners of all the major car companies in India. The next big opportunity is in tracking, where we are going to expand majorly going forward."
Last month, the company had launched its map application programming interface platform for software developers and enterprises that allows interactive mapping and visualization of location-based data analytics, like location search, address look-up, driving directions and finding distance from multiple locations. Verma also said the company has been focusing on tapping the fast growing e-commerce platform to sell its products range of GPS navigation, tracking and entertainment systems.
Source: PTI
