MapMyIndia raising Rs 500 crores Funds through QIP, Share Price Rises

MapMyIndia qualifies in creating digital maps, SaaS, and GIS AI Technologies. The company has recently announced Rs. 500 crores of QIP. It is a process of raising funds through Qualified Institutional Buyers. The company announced on 27 November that it will be raising QIP funds of Rs. 500 crores.  We will discuss MapMyInida’s new QIP below. The company is planning to use the raised money to expand further by 2024. Let us explore more about MapMyIndia’s new QIP below.

MapMyIndia raises Rs 500 crores through QIP

MapMyIndia to Raise Funds Rs 500 Crores Via QIP Know Its Further Growth Plan!

MapMyIndia is a famous company. They create high-quality and accurate digital maps of an area. The company also deals in building Saas and GIS AI technologies. MapMyIndia makes traffic mobile navigation and other functionality quite easy. They have worked with several companies like Amazon Alexa, the Ministry of Finance, Maruti Suzuki, HDFC Bank, TVS, and Airtel. The company will be raising funds of around Rs.500 Crores. They will be using the QIP method specially designed to raise funding from Qualified Institutional Buyers. MapMyIndia has a good growth rate. The company has shown 30.3% YOY in Q2 for profits after tax. The last quarter revenue of the company is said to be Rs. Rs. 91.08 Crores.

Many of the big tech companies are inspired by the work of MapMyIndia. They have mentioned that the company provides one of the best technologies for using maps and location services. The company is also known by the name CE Info Systems LTD. The shares are currently on growth. The market value of the stocks is 2,206.05 per share. The share price at the opening of the market was Rs 2,205.30 with Rs. 2,206.05 at the close.

The share reached an all-time high of 2,23110 on Monday and an all-time low of 2,193.45 for the day. The investors who invested earlier have doubled their money from the stocks. The company is estimated to have its shares grow further as the QIP will bring more growth to the company.

The majority of the money will be used by the company to make its mapping and location technology even more accurate and fine. They also deal in IoT & Automation and Hardware & Sensors. It’s more than 32.2 % of the revenue. They had their majority of revenue from Automative and mobility technology and enterprise Digita transformation solution suite. Stay tuned for more information on our website.

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