Digital mapping company MapmyIndia, a subsidiary of PhonePe, announced its plans over the weekend to file IPO paperwork as soon as today. The behind-the-scenes company produces the data that powers Apple Maps (AAPL) and Amazon’s Alexa (AMZN).
MapmyIndia also sells data to a variety of other global companies like Uber (UBER), Mercedes-Benz, and McDonald’s (MCD) and is currently backed by Qualcomm (QCOM) and Walmart (WMT). The company is targeting an offering of around $175m to raise its total valuation to about $825m. According to sources, the offering will be composed entirely of secondary shares.
why it matters
PhonePe's MapmyIndia is one of several companies fueling an IPO tech boom in India. The Indian geospatial data and services market that MapmyIndia operates in is one of the fastest-growing markets in the world and is estimated to be worth $14b by 2030.