MapMyIndia is India’s leading LI provider with a market share of around 80% amongst Automotive OEMs and a growing presence in the Corporate/Government sector. With unmatched granular coverage (99% across India), MapMyIndia has the power to succeed.
According to a JM Financial report, the company’s micro-innovations and customized services make it a perfect fit for the Indian market.
MMI has replaced TomTom at MG and Here at Hyundai/Kia. Interestingly, BMW, the co-owner of Here, uses MMI navigation system in India. Moreover, with 99% geographic coverage in India and detailed information like accurate addresses, street images (100 towns vs. 10 for Google Maps), MMI has been rated higher than its peers. Global players like Uber, Amazon prefer MMI maps over Google maps.
This scenario is also reflected in MMI’s enterprise segment growth (49% CAGR) despite being a new entrant (5 years back). As the customer base expands, network effects will come into play and share gains will accelerate further. The new geospatial policy will likely help the company. Also, Titagarh Railway shares rise 17% in 2 days as Blackrock buys over 900,000 sharesMMI has set a revenue target of over Rs 10,000 crore by FY27/28, which is premised on increased penetration of LI services across auto and mobility companies and MMI’s market share gains across all segments. “Our critical assessment of the target’s individual growth vectors suggests that the targets are achievable, to say the least. We see revenue CAGR of 32 per cent for FY24-28, which is lower than MMI’s CAGR target of 35-40 per cent. “We expect margins to stabilise at around 40-41 per cent and EPS compound annual growth rate of 32 per cent,” Abhishek Kumar, analyst at JM Financial, said about the company’s revenue targets.
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