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MapMyIndia, a homegrown digital mapping company is looking to raise around Rs 1,200 crore through an Initial Public Offering (IPO), PTI reported on Monday. Backed by Qualcomm and PhonePe, it is expected to file the DRHP (Draft Red Herring Prospectus) in the next few days, the report added.Off-late many internet businesses are gearing up to launch their IPOs, including Nykaa, Paytm, PolicyBazaar and Droom. CarTrade also made its debut on the stock market, recently.
MapMyIndia is among the few profitable internet companies that are going for an IPO, the publication said. The mapping segment in India is dominated by tech giant Google.
Partnership with Drone Federation of India (DFI)
MapMyIndia had announced its partnership with Drone Federation of India (DFI) for the Drone Innovation Challenge 1.0 which will provide business opportunities, funding support to startups and go-to-market support.
MapMyIndia at the time has been focusing on accelerating the advent of a Sarvottam Bharat, bringing the benefits of best-in-class, indigenously and in-house developed, digital maps and location technologies to all Indians.