This is despite the fact that MapMyIndia’s operating income increased by 34.6% for the quarter to Rs 76.3 crore from Rs 56.7 crore in the corresponding quarter last year.
EBITDA increased 17.2% for the period, from Rs 26.1 crore in the same quarter the previous year to Rs 30.6 crore in the second quarter of FY23.
According to Chief Managing Director Rakesh Verma, “In Q2 FY23, MapmyIndia delivered another outstanding performance, with quarterly revenue growing 35% year over year to an all-time high of Rs 76 crore.”
The three sets of investments undertaken in the September quarter, according to Verma, will contribute to accelerating the company’s profitability and revenue growth.
He declared that his company intends to expand the scope of Gtropy, an IoT-driven company it recently bought. Additionally, he stated that through marketing initiatives, his company aims to increase consumer knowledge of the MapmyIndia and Mappls brands and product portfolios.
Additionally, he claimed that MapmyIndia Mappls’ use cases, addressable markets, growth engines, and moats will all be further expanded by his company’s cutting-edge product and platform development. Son of CEO Rakesh Verma, Rohan Verma reported that Gtropy’s revenue doubled from the June quarter to the September quarter.
“Revenue growth for H1FY23 continues to be broad-based with A&M (Automotive & Mobility Tech) up 55 per cent and C&E (Consumer Tech & Enterprise Digital Transformation) up 29 per cent on the market side. On the products side, Map & Data was up 32 per cent and Platform & IoT was up 49 per cent,” he said.
Rakesh and Rashmi Verma founded MapMyIndia as CE Info Systems in 1995. Rohan Verma, the couple’s son, started working there in 2004. In the intervening years, it has developed into a technology corporation, with digital maps serving as its primary product.
