Mapmy India expects 30% revenue growth this fiscal on account of new products
22/10/2018
New Delhi: Home-grown digital mapping firm MapmyIndia is looking at a 30 per cent growth in its revenue at around Rs 250 crore this fiscal on account of new integrated maps and other product offerings coupled with a large number of business requests, a top company official said.
"We have now integrating maps, analytics, navigation ad tracking into single application. It is available for free for users to download. If we get one million download in the next six months we will achieve our objective, it is not that we want to limit ourselves to one million but we will achieve our basic transition. He further said that the company is on track to achieve its Rs 1,000 crore revenue target by 2023 and expects a sudden spike in growth during any of the transitional year.
"We expect to grow business by 30 per cent this fiscal. During one of the year in our 5-year road map, we expect to get something like 100 per cent growth. We are continuously investing in product development. By the end of this fiscal, we will have a revenue of around Rs 250 crore in normal course of growth," Verma said. He said the company recently witnessed inflows of requests from developers after internet giant Google increased its price by over 10 times and the conversions of the leads into sales have already started. "We have seen five-fold jump in business requests in normal course after Google jacked up its prices. Earlier our price for developers was at par with that of Google," Verma said.
When contacted about price hike, a Google spokesperson said, "We adjusted our plans and pricing as we updated our product offerings, improved the overall experience... to reflect current market conditions, we thought carefully about how to price Google Maps Platform products and introduced a free USD 200 credit, that we expect will cover the usage of most of our customers."
The spokesperson said Google is doing everything to ensure smooth transitions for all customers and "it's possible that some may choose to move on to a different provider that might better suit their needs". Verma said the company has started initial marketing campaign for new integrated app to achieve initial target of one million.
"We have already integrated our map with TVS two wheelers. Now (we are) working to integrate with electric vehicles," he added.
MapmyIndia is a vendor for the Indian Space Research Organisation and reaching out to state governments with its map. Verma said MapmyIndia is also working to integrate new all-in-one map in electric vehicle as part of its business expansion.
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