geotech startup: Geotech startup MapmyIndia net profit grows 32% in Q1, revenue up 38%

MapmyIndia, a digital maps and deep-tech products platform, reported a 32.2% on-year rise in profit after tax to Rs 32 crore in the first quarter of the fiscal year on the back of strong growth across segments.

The platform’s revenue from operations for the quarter ended June rose 37.5% on year to Rs 89.4 crore.

The company’s earnings before interest, taxes, depreciation and amortisation (Ebitda) grew 25.2% to Rs 37.4 crore, with an overall margin of 41.9%, a company release said.

MapmyIndia offers proprietary digital maps as a service (MaaS), software as a service (SaaS) and platform as a service (PaaS), including digital map data, software products, platforms, application programming interfaces, IoT and solutions.

“Our strong Q1 year-on-year revenue growth was broad-based with Automotive & Mobility Tech up 24% and Consumer Tech & Enterprise Digital Transformation up 51% on the market side. On the products side, Map & Data was up 41% and Platform & IoT was up 35%,” CEO and executive director Rohan Verma said in the statement.

The geotech startup said it saw a boost in its IoT business and in the usage of its consumer-facing Mappls MapmyIndia app, along with high traction for its B2C-focused Mappls Gadgets for vehicle owners, drivers and passengers.

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