MapmyIndia Board Approves Raising Funds Up To Rs 500 Crore Via QIP Route

In the September quarter (Q2), CE Info Systems posted a 30.3 per cent year-on-year (YoY) increase in consolidated profit after tax at Rs 33.1 crore. Its revenue grew 19.36 per cent to Rs 91.08 crore

MapmyIndia board will constitute QIP committee for all matters relating to the further fund raising by the company through QIP.

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The operator of MapmyIndia, CE Info Systems, on Monday approved raising of funds worth Rs 500 crore via qualified qualified institutional placement (QIP). The board of CE Info Systems will subsequently seek approval of the shareholders for the same by way of special resolution through postal ballot process, as it said in the exchange filing.

"The company will constitute QIP committee for all matters relating to the further fund raising by the company through QIP," CE Info Systems said. The fund raise would be subject to the receipt of necessary approvals from the company's shareholders, and regulatory and statutory bodies, it added.

In the September quarter (Q2), CE Info Systems posted a 30.3 per cent year-on-year (YoY) increase in consolidated profit after tax at Rs 33.1 crore. Its revenue grew 19.36 per cent to Rs 91.08 crore.

Rohan Verma, CEO and executive director at MapmyIndia, said the revenue growth in the April-September period was broad-based, with the automotive and mobility (A&M) technology clocking a 23.5 per cent growth and consumer technology and enterprise digital transformation solution suite growing 32.2 per cent. Verma is eyeing Rs 1,000 crore in top line over the next four to five years.

In the quarter ended September 2023, the firm logged a net profit of Rs 33 crore, which was 30 per cent higher as against Rs 25.4 crore reported in the year-ago period. Its revenue from operations came in at Rs 91.1 crore, higher by 19.4 per cent as compared to Rs 76.3 crore in the same quarter of the previous fiscal.

Mark Mobius is among the investors enthused by MapmyIndia, which provides mapping and utility services. "Seeing MapmyIndia soar confirms our belief in their vision. The company is doing a terrific job in mapping and location technology," he wrote on Linkedin on October 18.

The stock has doubled investors' wealth in 2023. On November 24, it closed at Rs 2,206.05 on the NSE.