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MapmyIndia eyes INR 100 crore revenue in FY13

New Delhi, India: Digital navigation device maker MapmyIndia is expecting to cross INR 100-crore revenue mark in the current fiscal and plans to expand business in South Asian and African countries, according to MapmyIndia Managing Director Rakesh Verma, Economic Times reported.

The company expects to see significant boost in revenue from sales of its Android-based navigation devices ‘Car Pads’ that are being sold as bundled products with cars, location tracking based services and sale of map navigation applications.

“We have partnered with almost all car makers for selling Car Pads in most of the vehicles priced above INR 5 lakh. Our product is already selling in IPL version of Volkswagen. Some car companies have their own device but using our maps and application in their device,” Verma said.

He added the company has also partnered with Maruti Suzuki for bundling car pads in select vehicles. “Over the period of next 3 to 5 years, we are confident that around 30 to 40 per cent cars in India above INR 5 lakh will be selling our products,” Verma continued.

He opined that the company is working with a leading telecom operator in the country to offer location-based services (LBS), which will inform about promotional offers around the location of mobile phone user and other such applications.

The company will expand its business overseas next year, starting from the African and South Asian countries. “We plan to make formal announcement of our business launch in a African and South Asian country next year,” Verma stated.

Source: Economic Times