C.E. Info System Management Discussions

Global Economic Scenario

The global economy witnessed a good extent of volatility in FY2023, with rumours of a potential recession in the US and Europe exacerbated by rising in ation, supply chain predicaments and continuous geopolitical tensions in Europe. Central Bank policy continues to combat these issues, but time will be needed to fully show the counteractive effects.

The International Monetary Fund (IMF) reported that the global economy grew by 3.4% in CY2022, slowing down from the 5.9% growth observed in CY2021. This de-growth largely stems from the more advanced economies. The US continues to combat high in ation and the Federal Bank is expected to raise rates into restrictive territory, while China recently opened up their economy following another serious episode of COVID-19, resulting in a nation-wide shutdown for the majority of 2022.

However, developing economies have shown extreme resilience, growing nearly double the rate of developed economies. This is largely driven by the fact that developing countries have relatively more affordable alternatives towards economic recovery. Offshoring and outsourcing activities have led to larger in flow of funds, ultimately helping these economies in combating issues such as unemployment and driving up consumer demand. Global growth is expected to slow from 3.4% in 2022 to 2.9% in 2023, with advanced economies displaying a more pronounced slowdown. China and India are expected to account for 50% of global growth. Global headline in ation is expected to fall from 8.8% in 2022 to 4.3% in 2024.

In the wake of this uncertain economic condition, the Geospatial industry continues its rapid advancement, with rising demand for services including navigation, location-based analytics providing leverage as a new driver of growth. While the global semiconductor-chip shortage still continues to be a bane for IT and electronic-based industries such as automobile improving supply chains have resulted in stabilization as compared to FY2022. ESG is also increasing in priority as companies look for sustainable solutions as an indicator of societal responsibility.

Indian Economic Scenario

FY2023 was a strong year for the Indian economy, displaying growth of 7.2% from the previous year. This is largely due to the increased pervasiveness of offshoring and outsourcing as multi-national corporations (MNCs) continued to optimize costs and India providing a vast pool of young talent as an attractive prospect to obtain quality services at a reduced cost.

However, in ation of 6.7% in FY2023, has eased to 4.3% in May 2023 but there is still a long way to go before we can claim that India has achieved an ideal economic state. The RBI has implemented assertive monetary policies to guide headline in ation from 5.7% as of March 2023, towards the medium-term target of 4% by 2024. The RBI has projected Indias Gross Domestic Product (GDP) growth to reach 6.4% for FY2024.

Digital Maps and Location Intelligence Technology & Services

With the increased pervasiveness of a location component in nearly every industry, digital maps continue to increase in popularity in India. Industries such as automotive, telecom, e-commerce, retail, FMCG, BFSI, logistics and food delivery all nd a need for hyper-local digital maps. The Indian digital map services market is expected to be valued at US$ 4.2 Billion by CY2025 and the Indian Mobility Navigations Solutions and Telematics market is expected to be valued at US$ 45 Billion by CY2025. This growth is expected to be derived from growing app downloads and increasing smartphone penetration (75% in CY2023E) in India as a result of better infrastructure and increasing use cases for location-based data platforms.

Automotive & Mobility Industry

In FY2023, there were 21 Million new vehicles produced. The automotive industry is expected to continue to thrive as the number of new vehicles increases to 25 Million by FY2028 driven by high consumer demand. Digitization and electri cation have been the major trends of the 2020s decade, making it imperative for automotive OEMs (Original Equipment Manufacturers) to stay at the forefront of NCASE (navigation and connected, automatic, shared, and electric) vehicle technology. The industry adoption rate of maps and technologies stood at 11% in FY2023 and is expected to be 25% in FY2028. The potential revenue opportunity for the industry is estimated at Rs. 500 Crores by FY2028.

Apart from this, there are 300+ Million existing vehicles on road which is expected to increase to 340 Million by FY2028. With an upsurge in demand for data and connectivity, we are witnessing increased penetration of high-end IoT devices that ultimately creates a large after-market opportunity for us. Out of 340 Million vehicles, 30 Mn vehicles are expected to adopt these technologies, from the current 4 Million, in the upcoming years. The potential revenue opportunity for the industry is estimated at Rs. 6,000 Crores by FY2028.

Consumer Tech and Enterprise Industry

India is the second largest e-commerce market in the world. With improving infrastructure allowing for growing internet connectivity in smaller towns, cities and villages, Indian ecommerce users are projected to grow to 885 Million by FY2025. This growth will be further driven by increasing disposable income in non-metro cities along with larger awareness of the range of services offered through non-conventional methods including door-to-door delivery, which relies strongly on a bedrock of location-driven platforms and analytics. There are around 2,700 well funded digital companies that are a potential customer base for maps and location based technology products.

Digital transformation begun as a response mechanic to the pandemic but has grown in popularity as traditional companies continue to focus on increasing ef ciency in areas such as business growth, operational ef ciency, and risk management. There exists a large potential market for companies that wish to use technologies such as IoT and AI/ML to improve analytics, feedback, and tailor product offerings that suit their specific strengths. There are around 2,300 conventional or traditional companies of scale that are a potential customer base for maps and location based technology products.

By FY2028, out of the potential 5,000 digital and conventional customers, 1000 such companies may adopt maps and location based technologies creating a combined revenue potential of Rs. 1000 crores.

Besides traditional companies, various governments have also been looking for ways to transform themselves digitally. By FY2028, out of a total customer base of 5,000 Local, State and Central governments and departments, with local government making up ~90%, 1000 such departments are expected to adopt maps and location based technologies. Thus, creating a potential revenue opportunity of Rs. 1200 Crores for the industry.

National Geospatial Policy 2022

In December 2022, the Ministry of Science and Technology announced the National Geospatial Policy 2022. This policy is another push by the government to liberalize the sector and aims to democratize information by promoting the use and reuse of geospatial data, products, and services by providing open-access solutions through a network of Geospatial Platforms at national and sub-national levels. It was created with the vision of India having a coherent national location data framework/ Geospatial Knowledge Infrastructure (GKI) by 2030. All Geospatial Data produced using public funds, except the classified geospatial data collected by security/law enforcement agencies, shall be made easily accessible for scienti c, economic, and developmental purposes to all Indian Entities and without any restrictions on their use.

Competition Commission of Indias (CCI) ruling against Google

Since the unveiling of the new geospatial guidelines in February 2021, we have been petitioning against the unfair monopoly enjoyed by Google as a result of Google Maps being embedded as the default map option on Android devices. In FY2023, the CCI agreed that Google was to be held accountable for unfair market practices and was ned Rs. 1,337 Crores. The order also asked Google to implement other changes to Android, which would facilitate better competition and open up for new players in the smartphone market. The order asks that Google should not deny access to its Play Services plugins to "disadvantaged" original equipment manufacturers (OEMs), and the licencing of Play Store to OEMs should not be linked to the requirement of pre-installing Google search, Chrome browser, YouTube, Google Maps, Gmail, or any other Google application. Google had initially led an appeal with the NCLAT against the CCI order. However, NCLAT had declined to stay the antitrust watchdogs order. The matter is currently being looked into by the Supreme Court.

About Our Business

Order Book

Our Open Order book is made up of contracts that are based on two kinds of pricing models.

Fixed Pricing

These are contracts where the customers agree to pay a xed price over the contract duration.

Volume projections

These are contracts with our B2B and B2B2C customers based on their volume projections during the contract period. The pricing for a particular period is based on per vehicle, per asset and per API basis.

We receive payments in the form of annuity, per asset, per vehicle, per use case, per user, per API transaction and subscription per device.

Our Open Order book saw a healthy growth of 31% in FY2023. The open order book gives us con dence and revenue visibility for the upcoming years. Historically, on average, the open order book to revenue conversion ratio has been 3-5 years.

New contracts won during the year are added to our open order book and is then transferred to revenues as the billing happens on an annual, quarterly or monthly basis. However, new contracts signed and billed during the same year do not form part of the Open Order Book and are directly included in annual new orders and revenues.

Rs. Crores	FY2022	FY2023
Open Order (Current year)	377.5	699.6
New Orders	523.6	511.8
Revenue	(200.4)	(281.5)
Open Order (Next year)	699.6	918.0

However, our next leg of growth will come as we unlock upselling and cross selling opportunities with our existing and new customers. We added 250+ customer in FY2023 and expanded our base from 600+ customers in FY2022 to 850+ customers in FY2023. The revenue generated in FY2023 was largely made up of existing and new contracts that we signed with our existing customers with little contribution from new customers. However, in the coming years, we expect significant contribution from new customers to our order book as usage increases and/or we sign multi-year contracts with them.

While we continued to expand our customer base, we also focussed on reducing our customer concentration as number of customers contributing 80% of revenue increased from 35 in FY2022 to 54 customers in FY2023 with retention ratios of more than 90%, a testimony of the value add our customers see from our product offerings.

Snapshot of our Products & Customers

Our Customers & Market Segments

We derive majority of our revenue from B2B and B2B2C enterprise customers. Our enterprise customers include automotive OEMs, mobility companies, corporates, and government. We categorise our market opportunities into Automotive & Mobility Tech (A&M) and Consumer Tech & Enterprise Digital Transformation (C&E). While Automotive OEM customers form a part of A&M, Corporate customers both Digitally Native and Traditional as well as Government across Central, State and Urban local bodies form a part of C&E. Our offerings for mobility form part of both A&M and C&E. All our customers ultimately serve the larger community of end users.

In addition, we also offer professional grade maps and products directly to retail customers, through our Mappls app and GPS IoT enabled gadgets and devices.

Automotive and Mobility Tech (A&M)

We service automotive OEMs (vehicle manufacturers) of four-wheelers, two-wheelers, commercial vehicles, electric vehicles as well as organisations involved in people and goods transportation, mobility, and logistics. We offer them our suite of digital maps and SaaS, PaaS, APIs, IoT and solutions in the areas of N-CASE mobility (Navigation and Connected vehicle, Autonomous safety and advanced driver assistance systems, Shared mobility and Electric mobility), telematics, eet management and logistics optimisation, which they can embed into their new vehicles and integrate with their existing eets of vehicles.

Our offerings provide safe and efficient navigation supported by rapidly updated, feature-rich, and granular maps. We have developed a next-generation talking cockpit car-technology that enables proactive, intelligent voice interactions between the drivers and vehicles. Our connected vehicle IoT platform creates digital twins of vehicle for continued connectivity.

Our high-de nition maps are localised for Indian conditions, enabling precise localisation, safe driving experiences, and improved path planning with voice instructions. Our shared mobility platform offers end-to-end ride-sharing capabilities that are cost- effective and environment friendly, and further offer EV solutions such as mapping compatible EV charging stations on connected interfaces.

Our offerings help our B2B2C and B2B customers to increase the value and benefits of their vehicles to their owners, drivers, and passengers, and help them in moving people and goods in a faster, safer, and cheaper manner.

Some of our key automotive OEM customers include Hyundai and MG Motor among many other market leading manufacturers.

Some of our mobility customers include BluSmart, Avis and Safexpress among many other leading goods and people transportation and logistics companies.

Revenue Highlights and Updates

Under A&M, our arrangement with automotive OEMs typically involves envisaging payments on a per vehicle, per asset, per use case basis, for a particular contract period. This is followed by top-up payments for internet services as subscription charges.

Revenues grew by 34% in FY2023 driven by continued adoption across our NCASE suite among automotive OEMs

1.9+ Million new vehicles (4-wheelers, 2-wheelers, and CVs, across ICE and EV segments), went built-in with MapmyIndia Mappls in FY2023, up 46% from 1.3 Million during FY2022. As per our estimates, we enjoyed a 80% volume market share in FY2023

Our NCASE solution sales to auto companies has outperformed the automotive OEM industry volume growth.

We won contracts with the following OEMs as they went live with our platforms in the NCASE suite during the year.

Market-leading 2-Wheeler EVs and 4-Wheeler SUVs from leading brands continue to go live embedded with our solutions New 2-Wheeler EV OEM and Battery as a Service / Battery Swapping Provider signed up New large 4-wheeler EV OEM signed up Large and new 4-wheeler EV OEM entrant into Indian market signed up for NCASE solution Large 4-wheeler OEM upsold on ADAS use case of NCASE solution Large 2-wheeler OEM signed up for NCASE solution Multiple 2-wheeler EV OEM startups signed up for NCASE solution Multiple Go-lives in this year including the new MG Hector, Mahindra Scorpio-N and XUV400 Electric, Hero MotoCorps OneApp, among others Won contracts for our IoT & logistic SaaS business as well

Leading public sector State Road Transport Corporation for app-enabled Public Transit and end-to-end monitoring of public buses

Consumer facing IoT gadgets & subscriptions also gaining traction through retail & OEM distribution Taxi-Cab company signed up for Video Telematics solution to monitor their cabs and also ensure safety for their drivers and customers.

Consumer Tech and Enterprise Digital Transformation (C&E)

We provide our products and platforms to consumer tech companies and enterprises across industry verticals. We offer our suite of digital maps and SaaS, PaaS, APIs, and solutions in the areas of location intelligence, geospatial analytics, geographic information systems (GIS), digital automation and AI, to our customers which they can embed into their consumer facing apps and leverage for their digital transformation initiatives. Our offerings seek to help our B2B2C customers in increasing the value and benefits of their apps to their users. Our offerings also seek to help our B2B or enterprise customers in achieving their organisation- and industry-speci c, strategic, and operational objectives driving them towards higher revenue growth, cost ef ciencies, faster execution capabilities, and better user service.

Our new-age consumer internet technology customers include Amazon, PhonePe, Flipkart and Yulu among many others across verticals such as global operating system platforms, social media apps, n-tech companies, ride sharing and food delivery companies, IoT device manufacturers etc. Our enterprise customers include HDFC Bank, Airtel and GSTN among many other customers across verticals such as BFSI, telecom, FMCG, industrials, government, among others.

Corporates

The corporate vertical comprises of all non-automotive businesses and entities which integrate digital maps into their applications or offerings in order to build a comprehensive solution. Our corporate customers include new-age, tech-enabled companies as well as traditional businesses across various industry verticals such as BFSI, telecom, FMCG, industrials, logistics and transportation, as represented in the diagram below.

Our digital mapping technology and AI-enabled features enable our enterprise customers to implement eld force management, eet tracking, geospatial planning and to integrate our API and SDKs in their own apps and websites. We also provide customised solutions to our enterprise clients, including custom map data, AI models location-based software solutions customised according to specific business requirements and perform custom analysis on big data from our IoT and other solutions. Applications of our enterprise segment offerings range from technology and IT solutions including vector map SDK, search API, routing and navigation API, map tiles, traf c services and live, sales and distribution, marketing, eld service and operations, logistics and business intelligence.

Government

Our Government customers includes central, state, and local government organisations, ministries, departments, and public sector undertakings. Our key government sector offerings include geospatial dashboards for strategic planning, efficient operations and effective management, community health solutions through GIS-based situational awareness for medical emergencies, pandemic management and spatially enabled dashboards to study the health risks and plan mitigation, address standardization and geocoding solutions that place addresses in a location perspective to generate highly desirable location insights, data collection, assessment, demand generation and tax collection with separate modules for internal stakeholders and common citizens and crime analytics through creation of geo-tags, crime patterns with geospatial AI and prediction analytics through locations and modus operandi patterns.

Through the Citizen Connect solution, we enable creating awareness among citizens about administration-led initiatives, facilitate communications between citizens and administrators, track issues geographically with quick turnaround times for grievance response and resolution.

Retail Consumers

We provide our maps and technologies to consumers through our Mappls App, Mappls KOGO App, Mappls.com internet mapping portal and our Mappls GPS-based IoT gadgets. We plan to increase our focus towards this segment in the coming years.

Revenue Highlights and Updates

With C&E customers, payments are typically received on a per geospatial transaction (or API query) basis, i.e., when the feature requiring geospatial element is used by an end consumer, for instance, a search result for the nearest service centre or merchant. We charge on a xed price per term on a per use case basis when the geospatial queries are not specified or known to us.

For our Mappls IoT devices, payments are typically received for the sale of devices and subscription fees which are periodic in nature.

Revenue grew by 48% in FY2023 as our use cases continued to expand leading to more up-sell and cross-sell opportunities.

MapmyIndias offerings were adopted by the following consumer-facing companies during the year.

Popular online ordering, commerce, and delivery tech companies signed up for APIs

Leading footwear brand, steel manufacturer, healthcare company and marketing/ad-tech agency for Location Analytics Platform Further upsold Micro-Geo-demographic Analytics Data Set to the marketing/ ad-tech agency Leading bank & broadband provider for Workforce Management

Large cement and dairy companies signed up for using IoT & Logistics SaaS solutions

BFSI/ n-tech companies for Workforce management & automation

E-commerce, FMCG and n-tech companies for geospatial analytics

Health-tech, n-tech, retail/FMCG & voice-assistant app developers for APIs

Multi-year extension of contract with a big tech company

2 Large Bank & Fin-tech companies signed up for workforce & work flow monitoring, management & automation solutions

Large F&B restaurant chain signed up for geospatial analytics for store expansion & planning

Multiple tech-enabled companies - Used car platform, D2C meat/food delivery brand, enterprise CRM SaaS company signed up for APIs/SDKs

Energy company awarded drone survey, topographical mapping and land records integration project

High-value goods-carrying company signed up for eet security solution consisting of GPS, Online MDVR and ELock with multiple sensors on the same vehicle.

Large national, state & local government organisations signed up for our offerings as well.

MapmyIndia Mappls app, Metaverse maps, Logistics tech & APIs integrated with Government of Indias ULIP (Uni ed Logistics Interface Platform) unveiled & showcased to the Prime Minister of India during the GoI National Logistics Policy launch Signed an MoU with Uttar Pradesh Police to give commuters real-time traf c & safety alerts through Mappls app

MapmyIndia Mappls APIs integrated with Government of Indias Har Ghar Tiranga Campaign

Signed an MoU with Delhi Government to use MapmyIndia Mappls mGIS decision-making tool for EV charging station site analytics & selection.

National Survey & Mapping Government Agency for Drone Mapping

State Housing and Area Development Authority for Geospatial Solution

Smart City for Geospatial & IoT enabled Digital Transformation

IoT-based tracking of road construction equipment for State Roads Department, and State Civil Supplies Distribution

Map & Location-based GIS platform and portal for State Tourism Department, and for Safe City

Smart City for solution consisting of drone data acquisition, Enterprise GIS, Integration with Command, and Control Centre, and Digital Address System State government wins for drone data acquisition & processing large scale mapping, ambulance monitoring for medical emergencies, etc.

Our Product Offerings

We have transitioned from reporting our product-wise revenue into Map-led and IoT-led against the earlier break-up between Map & Data and Platform & IoT. This was done with an aim to give a better representation of the underlying pillars of all our products. We have defined three tech pillars for business, based on which we will be building our products, namely Maps, IoT and Drones.

Map-led business

This business is driven by the licensing of our maps and makes up majority of our revenues.

Revenue from this segment grew from Rs. 175.8 Crores in FY2022 to Rs. 222.4 Crores in FY2023, contributing 79% to total revenues in FY2023

Map-led business is extremely pro table since the major development costs of building the map products have been borne over the past 25+ years and with technology driven professional updates using AI/ML tools making it an even more cost efficient process resulting in operating leverage kicking in leading to EBITDA margins of more than 50%. We maintained a healthy EBITDA margin in our Map-led business of 52.6% in FY2023. The Map-led open order book as on April 01, 2023, is around Rs. 700+ Crores.

IoT-led business

This business is driven by selling of IoT devices followed by SaaS revenue that kicks in later on.

As a result of high growth in IoT business, it is to be expected that margins will initially be compressed since device hardware has lower margins. However, it is expected to provide high margin SaaS revenue after about 12 months.

FY2023 was an extremely strong year for this segment, with Gtropy being fully incorporated into this segment and with an integrated product suite it is creating massive value for customers. Although Gtropy is a separate entity, we recommend that it be viewed as a division of MapmyIndia as a result of the strongly complementary nature of its offerings with MapmyIndias core suite of products.

The IoT business alone contributed revenue of Rs. 59.1 Crores in FY2023, up 140% from Rs. 24.6 Crores in FY2022. This is largely due to Gtropys strong presence in the IoT devices market along with our product offerings. The number of IoT devices sold/rented in FY2023 was 0.19 Million, more than fix the 0.06 Million devices sold in FY2022.

Revenue from sale of hardware was Rs. 42.2 Crores in FY2023, up 156% YoY from Rs. 16.5 Crores in FY2022.

Revenue from SaaS Subscription was Rs. 16.8 Crores in FY2023, up 107% YoY from Rs. 8.1 Crores in FY2022.

Our Products

Digital Maps and Geospatial Data Products

We use our proprietary, end-to-end technology-driven, and AI-assisted mapping systems and processes to acquire and process digital geospatial data as well as to produce and disseminate digital map data. We provide foundational and comprehensive digital maps across India. Our advanced maps represent the real world in 2D and 3D. Our maps are standard de nition as well as HD, providing photo-realistic virtual reality (VR) and augmented reality (AR) ready maps of the outdoors and indoors, including geo-referenced 360-degree panoramas. These are capable of providing accurate details about the physical world, including roads and buildings, for autonomous safety vehicle platforms and smart city planning and simulations.

In addition, our maps are dynamic and update continuously in near real-time, including for place updates, location-based events, changes in road conditions, location-based safety alerts, live traf c, and weather. Because of this functionality, we call our advanced maps 4D or four-dimensional, with time being the fourth dimension. Our maps are also hyper local, providing information in regional languages and the ability to discover, and connect with local businesses. We have also started to build and release digital maps for countries outside India, such as Sri Lanka, Bangladesh, Nepal, Bhutan, Myanmar, UAE, and Egypt. Our IR geospatial data products include location-based demographics, population density, income distribution, anonymised, and aggregated people movement behaviour and other location-based datasets to enable various analytics use cases.

Click here to see our Metaverse-based recreation of the BITS Pilani Campus

Business Update

In July 2022, we released Mappls RealView, a 360-degree panoramic street view and a 3D metaverse maps service for 100 cities in India. This, combined with Mappls detailed house-address level 2D maps from MapmyIndia and ISROs rich catalogue of satellite imagery and Earth observation data which MapmyIndia has integrated, gives a full & immersive Real World Metaverse experience to users.

We expanded coverage and capabilities of the core foundation map data product, real-time & rich map update service, value-added geo-demographics datasets for analytics & location intelligence, and advanced map data covering 3D, HD, and Real-View, pushing further towards our AI-powered Digital Metaverse of the Real World.

Map, Location and Navigation Platforms

We provide 2D and 3D visual and voice-based navigation platforms that are interactive, capable of outdoor and indoor map rendering, location search, geocoding, and reverse geocoding, as well as traf c and turn-by-turn route planning optimisation. Our digital maps and navigation platforms and Mappls Pin, our digital address and location identity system, are capable of use by every industry sector, including corporates and the government. Our platform APIs are primarily used by entities that develop applications comprising a geospatial requirement or element, for instance, to locate specific service centres, ATMs, or other such locations.

N-CASE Automotive Suite

N-CASE stands for Navigation and Connected vehicles, Autonomous safety and Advanced driver assistance systems, Shared mobility, and Electric mobility. These are typically used by automotive OEMs, including two-wheeler, four-wheeler and commercial vehicles. We provide solutions aligned with industry requirements including in-vehicle hyper-local, content-rich, turn-by-turn of ine, online and hybrid navigation assistant systems. We also offer platforms and companion apps for connected mobility (for better connectivity with the vehicle in terms of tracking, remote controls and driving behaviour), telematics (remote tracking of vehicles and their health diagnostics), autonomous vehicle safety and advanced driving assistance systems and HD maps, shared mobility, and electric mobility solutions.

Geospatial-led SaaS for Enterprise Digital Transformation

‘Insight and ‘mGIS are our GIS (Geographic Information System) and geo-analytics offerings platforms. These consist of location-based APIs capable of ingesting, processing, publishing, visualising, and analysing geospatial data to provide locations. Our geo-analytics offerings help our customers across industries to analyse their respective markets and develop predictive models through spatial patterns provided by us. We also provide our customers near real-time dashboarding and monitoring capabilities through these offerings. Our AI-enabled technology platforms automatically and efficiently recognise and extract insights from images through our computer vision and geospatial enabled AI algorithms.

‘Workmate, our software platform, enables workforce and work flow management, monitoring, and automation capabilities. These offerings are used by customers as B2C service providers to provide location-based data to their end consumers, for instance, phone or other service centres, courier centres etc.

Workmate Manager dashboard and a mobile app for employees on eld

These offerings are used by customers for optimising supply-chains and logistics, for instance to devise the optimal supply routes for petroleum products to various pumps, or for governmental and regulatory authorities and agencies to understand the locations of traders, taxpayers etc. across locations.

Our IoT Platforms

Locate App

Locate App, an advanced eet management solution designed to enhance eets operational ef ciency and management. With a plethora of powerful features like real-time vehicle monitoring, historical movement tracking, live map rendering, and comprehensive reports with graphical representation managing the eet has become more seamless and effective.

InTouch platform

Our IoT platform, ‘InTouch, enables connectivity with real world sensors, phones and IoT devices. It provides a wide range of applications for near real-time vehicle and asset tracking, geo-fencing alerts, historical movement and driver behaviour analysis, predictive vehicle health alerts, as well as eet, transport, and logistics management.

MapmyIndia has been engaged in IoT-led products and businesses for over ve years. Therefore, we offer a wide range of IoT devices such as durable GPS-based tracking systems which can be installed inside vehicles or carried portably, connected cameras and other sensors for fuel monitoring, RFID connectivity, panic buttons and remote immobilisation.

We acquired a 76.0% stake in Gtropy to scale up our IoT business faster and tap the large opportunity. Gtropy is an IoT-focused analytics company that has been integrated to become an organic component of the business.

APIs and SDKs

We offer a large catalogue of APIs and SDKs to consumer technology companies and traditional enterprises, such as banks and financial institutions, travel companies etc., that are looking to digitally transform their offerings by providing a complete range of digital maps, geospatial software and location based IoT. We can exibly provide our solutions over the cloud or through hybrid and on-premise deployments. We are able to customise any part of our full stack to meet specific requirements of customers and offer them a bespoke solution to meet their complete needs.

Consumer Mappls App, Mappls Kogo App, Mappls.com and Mappls Gadgets

These comprise our B2C offerings. Mappls app is a super app for maps, navigation, tracking, safety, mobility, and other features, and is available on the Android and iOS platforms, as well as an internet mapping portal, mappls.com. Within the app, we launched the Junction view, that allows you to navigate easily while approaching yovers or complex intersections.

Our Mappls IoT gadgets include GPS tracking, safety and navigation features.

In the current year, we invested in KOGO and have now launched the Mappls KOGO App which is a gami ed social travel app for retail consumers.

Through our Mappls App and IoT gadgets combined with the Mappls KOGO App, we aim to offer integrated apps and solutions to consumers, the travel eco-system, businesses & government. This further allows MapmyIndia to tap the travel commerce market opportunity.

Key Use Cases

Automotive OEMs

Embedded Connected Navigation

Need for turn-by-turn directions with minimal driver distraction, no dependency on mobile phone, enabling discovery, travel and convenience for seamless in-car bookings and payments

Product: Mappls Auto and Mappls Kogo

Revenue Model: Per vehicle per year

Electric Vehicle Range Calculation

Concerns over EV battery not having sufficient charge to reach destination (Range anxiety) and lack of charging infrastructure (Charge anxiety) are common challenges impacting EV adoption

Product: Mappls AI Battery Consumption Model for accurate EV Range Calculation, Battery Ef cient Navigation and Nearby EV Charge Stations APIs

Revenue Model: Per vehicle per year

Intelligent Speed Assistance

Safety has been a critical problem statement with increased number of accidents each year; the Company feeds in information related to speed limits, sharp curves, potholes, road conditions to both the driver and vehicle. System can then actively prevent drivers from exceeding the speed using map-based speed limit database.

Product: Mappls eHorizon solution with ADAS Maps

Revenue Model: Per vehicle per year

Connected Vehicle

Need for vehicles to be connected for enabling use cases for both customers (Tracking, Trip planning and sharing, Alerts, Remote controls the vehicle, health diagnostics, driver scoring etc.)

Product: Mappls Maps Cloud, Mappls IoT (Telematics Control Unit); Mappls Connected Vehicle Cloud Platform

Revenue Model: Per vehicle per year for MaaS

Digital & Conventional Corporates

A Global Big Tech company

For their maps product in India powered by Companys map data

Product: Digital map data in the customers format or APIs customised to their use case

Revenue Model: Annuity for 5 years

A Large NBFC

Use cases are credit assessment, eld force automation, veri cation, hyperlocal discovery, etc.

Product: APIs & SDKs, mGIS

Revenue Model: Per API & SaaS usage transactions with a minimum guarantee for 5 years, & per user per year

A Global Ecommerce company

For ecommerce and logistics operations using map data for route optimisation, delivery planning, delivery analytics etc.

As well as for their consumer facing voice service, using our APIs

Product: Map Data and/or APIs

Revenue Model: Annuity for 5 years & per API transaction

A Large Indian FMCG company

Tech to enable eld force automation. Automated eld operations such as reimbursement, customer visits/tasks, attendance etc.

Product: Workmate suite of applications

Revenue Model: Per eld user per year

A Last mile Delivery company

Tech to enable Last mile delivery of goods. This involves rider tracking, rider analytics, rider pay outs basis distance travelled, eet management of multiple riders, live tracking of rider for consumer, etc.

Product: APIs

Revenue Model: Per transaction or per delivery order

A Consumer Fintech & Hyperlocal Commerce company

Hyperlocal discovery: Discover stores or the of ine network of the brand or company through search or proximity on a map. This use case is something every brand that has a direct customer reach needs to implement for better discovery of their stores from consumers either looking for their goods or services in industries like retail, nance, payments, insurance, healthcare, consumer appliances, apparel, etc.

Product: APIs

Revenue Model: Per transaction

A Quick Service Restaurant company

Software to help in better site selection when setting up new stores

Product: mGIS

Revenue Model: Per user per year

Other Use Cases for mGIS Platform

Insurance risk pro ling for an insurer to measure exposure basis ood, seismic, etc patterns

Retail store catchment analysis of 8 min drive time from the store

FMCG distribution coverage analysis of stockists to identify gaps

A Smart city in Northeast India

Property Tax Assessment & Demand Notice Generation, Digital Twin

Product & Platform: mGIS, PTMS, Map Engine, DraaS (Drone as a Service)

Revenue Model: Per Asset, Annuity for 5 years

A State Police Department in South India

Crime Analytics & Beat Planning, Patrol monitoring

Product & Platform: mGIS, Map Engine, Workmate, Insight

Revenue Model: Annuity per use case for 3 years

Central govt- Health Ministry of India

Critical Health Infrastructure Management, Resource planning & Monitoring

Product & Platform: Map Engine

Revenue Model: Per API transaction with Minimum Guarantee for 3 years

A State Transport Department in South India

Automatic Vehicle Management & Passenger Safety Information system

Product & Platform: InTouch, Workmate, Locate

Revenue Model: Per vehicle per month for 3 years

Mobility

Leading Cement Manufacturer

Offering supply chain solutions for enterprises

Use of Analytics and algorithms to optimise the cost and increase asset utilisation by identifying bottle necks, load planning, delivery locations and accurate detention tracking.

KPI benchmarking to ensure quick turnaround time and eliminate bottlenecks

Product: Locate platform including Hardware

Revenue Model: SaaS - Per Trip or Per vehicle / Month for 3 years

A Transporter with 50+ Vehicles

Toll and Fuel management for eet operations

Wallet based model which frees up working capital per vehicle.

Visibility of toll expense on the GPS route for default check

AI based reporting of wrongful deductions and auto escalation of the same to the relevant authorities for refund processing

Trip based FASTag expenditure calculations to calculate trip pro tability

Product: FASTag & Locate platform

Revenue Model: Revenue share per Transaction commission

A Ride Hailing EV company

Vehicle & battery health, Visibility and Demand-supply match

Product: Intouch Platform with Hardware

Revenue Model: Per vehicle/month

A Cash management and Movement company

People mobility and high value goods mobility for safety and security solution

Product: Intouch Including Hardware

Revenue Model: Per vehicle per month subscription

Consumers

Offer Auto OEM approved genuine accessories for showrooms and dealers in major car accessories markets across India

Product: Vehicle Telematics, Dashcams & Navigation Systems

Revenue: Per vehicle with 1-3 years subscription

Our Key Investments

MapmyIndia has always believed in keeping track of companies that offer complementary business opportunities and leveraging on the possibility of combined efforts resulting in better output and more service offerings. Listed below are the key investments done in FY2023.

Business Venture	Material Value	About your company	Investment Rationale
Kogo Tech Labs	Rs. 10 Crores (26.4% Stake)	A cutting-edge start-up aiming to build the worlds largest travel & hyper-local discovery, recommenda- tions, commerce, social and gami ed platform.	To build a travel & hyper-local discovery, commerce, social, gami ed platform integrated with maps and navigation. The investment will enable automotive to increase consumer engagement, brand loyalty and in-vehicle commerce monetisation opportunities by integrating Kogos gami ed travel, outdoors and hyper-local content, community & commerce platform with the MapmyIndias NCASE suite.
Indrones	Rs. 3 Crores	Company is engaged in the business	The investment will strengthen
Solutions Private Limited	(11.11% Stake)	of manufacturing of the drones, data analytics using high resolution data and developing end to end solution leveraged by drones, IoT and other sensors which helps digitize various sectors including but not limited to agriculture, mining, energy, telecom, infrastructure, construction, disaster management and among others.	MapmyIndias ability to leverage cutting-edge drone technologies to strengthen and keep differentiated its own digital maps, products and platforms in industries such as Agriculture, Construction, Disaster Management, Mining, Railways, Telecom, Smart Cities, Government and Mapping, among others.
Nawgati Tech Private Limited	Rs. 1 Crore (3% Stake)	Company has a video analytics SaaS product focused on the oil and gas sector which monitors the congestion or wait time or traf c at the fuel station.	The investment has been done to explore synergies in oil and gas segment where applications of their technology can be leveraged by us and help increase the portfolio of offerings to our customers.

Outlook

On the product side, our map products will continue to evolve and upgrade with time, alongside we aim to increase our IoT gadget offerings to target the B2B customers and retail consumers and adopt a subscription model that would ultimately drive SaaS revenues.

We believe our A&M segment will continue to grow ahead of the industry on the back of our strong order book and up-sell and cross-sell opportunities. Our C&E segment is expected to grow faster than A&M given the rise in new age companies, increased need for digital transformation and our ability to provide customized services and cater to multiple use cases.

In the upcoming year, we will be focussing on four aspects. First, towards development of product segments that are currently at a nascent stage that includes scaling our IoT-led business and building strong full-stack drone capabilities. Second, in marketing activities to build awareness of the MapmyIndia and Mappls brands and product portfolio which will reap rewards in terms of new customer acquisition and new use case adoption. Third, towards leveraging the B2C opportunity that includes investing in our consumer facing app and gadgets space. And fourth, in cutting-edge product and platform development which will further expand use cases, addressable markets, growth engines and moats for MapmyIndia Mappls.

Five-Year Plan

We have further laid down a ve-year plan wherein we aim to cross the revenue milestone of Rs. 1,000 Crores by FY2028 reporting a CAGR of 35-40%. We plan to achieve this on the back of the industry potential that lies in front of us.

Automotive OEM customers: Our maps and technologies went attached in 1.9 Million vehicles in FY2023 and we plan to increase this by fix by FY2028.

Corporates: We had 100+ reasonably sized customers in FY2023, which we plan to increase by 5x by FY2028.

Government: We had 30+ customers in FY2023, which we aim to increase by 6x by FY2028.

Mobility: We sold 0.25 Million IoT devices as of FY2023 and plan to increase this by 10x by FY2028. Furthermore, we plan to increase our IoT business by 12x in 4-5 years.

Our Strengths

Adopted a differentiated approach to build and update maps: We have developed a comprehensive digital map database for India through professional eld surveys, collection and compilation of geographical data and other attributes like roads, buildings, places, and boundaries to create a detailed and ground-validated data base which offers much higher degree of accuracy, reliability, and comprehensiveness.

Our maps power our whole suite of software and IoT platforms, APIs, products, and solutions and help differentiate us from pure play software and technology companies who do not own or control the underlying maps. According to the F&S Report, we are one among very few companies to offer not only products but APIs and platforms that other organizations can integrate and leverage into their own products and services.

Since we have a comprehensive underlying database with a 25-year history, it is easier to professionally authenticate customers input and prevent inaccuracies. Our professional geospatial experts and digital map makers employ various technologies and techniques including big data analytics, computer vision, AI/ML, and exhaustive geospatial algorithms for map feature extraction, change detection, validation, integrity, and quality checks. This includes accurately geo-tagged GPS data, photographs, videos, panoramic 360-degree images, and 3D point clouds.

Our map and internet-connected platform offerings are strategically integrated and connected to provide a continuous feedback loop that creates a network effect. This helps us continuously enhance the value proposition of both sets of our offerings and grow our business. Our customers pro-actively add geospatial, or geospatially linked data into our platform to achieve various functionalities such as GPS tracking, geospatial search, geo-coding, routing, navigation, analytics etc, which helps continuously validate, update, and augment our digital map. The continuous flow of feedback from our customers and end users also stress tests and validates the accuracy and comprehensiveness of our digital maps and helps us continuously improve and update our digital maps. Increasing usage of our products by our customers, creates a network ( ywheel) effect as our customers can feed back their real-world observations, as they use our products, directly into our platform, further enhancing the freshness of our data and improving the customer experience. This attracts customers to use our platforms and creates a strong customer stickiness. Usage of our platforms improves our maps and improvements in our maps enhance our platforms, creating a cycle.

Market Leader: With over 25 years of experience in digital maps, geospatial technology, and location-based analytics, MapmyIndia is the premier Indian mapping company, and our long-standing pedigree allows us to compete at the forefront of contracts at a global level. We are considered market leaders in the B2B and B2B2C segments, with an 80% volume market share for maps and location-based technology in the Automotive OEM industry.

Diverse Suite of Offerings: With MapmyIndias one-stop solution to all navigation and location-based problems, we are in a prime position to be able to provide a myriad of offerings including analytics, digital mapping, real-time information feeding and inbuilt NCASE offerings. We have the opportunity to be able to create long-lasting relationships in a variety of industries through our wide spread of solutions.

Strong Financial Position: MapmyIndia has been able to maintain an operating profit margin of 35%+ for over 3 years, with nearly 40% CAGR over the past 3 years. This is largely because the capital costs have slowly been amortized over the past 25 years, allowing us to focus profits towards, inorganic expansion, dividends and research and development. In FY2023, MapmyIndia reported an operating profit of 43%, with revenue growth of 40% and a cash- flow from operating activities of Rs. 90 Crores.

Growing Order Book : MapmyIndia has been able to continue to push the envelope in the eldof digital maps, navigation technology and location-based platforms. As a result, the open order book has growing at a CAGR of 56%from Rs. 377.5 Crores as of 1st April 2021 to Rs. 918.0 Crores as of 1st April This exponential growth will be reflected in the revenue across the next 3-5 years as the contracts realized and will serve as a launchpad for MapmyIndia to continue growing at its stupendous pace.

Opportunities and Threats

Opportunities

New Market Use Cases: MapmyIndia continues to put high focus on innovation, and the new technology that we are able to produce will allow us to capitalize on opportunities in new industries such as Real Estate, Infrastructure, and Ad-tech, among others.

Entering Business to Consumer (B2C) Market : The release of Mappls RealView on the Mappls app us to enter the Business to Consumer (B2C) space. are constantly introducing newer features on Mappls app to enhance the user experience. In the year, apart from RealView, we released Junction View, introduced more road safety features, invested in and launched a Mappls KOGO App, and also our IoT gadgets and offerings. In the coming years, Consumer B2C market will become an increasing and we believe good prospects lie ahead to expand B2C business in India.

Increasing Foreign Presence: MapmyIndia has begun the journey to build a pipeline of foreign customers through the global brand ‘Mappls, with the hiring of senior personnel in various capacities in Asia Pacific (APAC) region as well as in US and Europe, to begin reaching out to customers in those markets. This process is expected to take a few years to come to fruition, but we are already making good headway into securing our place as a global household name in the eld of digital maps and location-based technology.

Up-sell and Cross-sell: Considering the wide suite of products MapmyIndia offers to its automotive OEM customers, there exists the possibility of increasing the customers wallet share by providing extra services and cross-selling our platforms, analytics, and hardware along with their chosen offerings.

Favourable Government Policy: With the Governments ‘Aatmanirbhar policy continuing to provide tailwinds for Indian companies through adoption of world class indigenous technology, MapmyIndia is in a prime position to capitalize on such deals to aid the government in programmes such as infrastructure development, citizen services and defence applications, among others.

Inorganic Growth Prospects: MapmyIndias large cash balance allows us to continue to stay vigilant for complementary offerings, geographic and customer expansion, which can provide the groundwork for inorganic opportunities through strategic partnerships and acquisitions.

Threats

Technological Obsolescence: Any industry that relies on staying at the forefront of innovation suffers from the threat of losing their competitive edge as a result of their technology becoming obsolete. MapmyIndia tackles this problem by allocating a significant share of its resources towards research and development of new solutions and improving operational ef ciency.

Foreign Competition: While MapmyIndia continues to be the market leader in the B2B and B2B2C markets, there exists a chance that large foreign players might choose to enter these markets by overcoming the large barrier to entry. However, MapmyIndia will still retain the edge of having a marquee customer base that trusts the quality of our products and favourable government regulations. Our affordable services with value-add and high accuracy make us the preferred alternative in such a scenario.

Risks and Concerns

MapmyIndia is a company that relies on digital offerings and is susceptible to several types of risk in a volatile environment. Accordingly, we have setup a strategic risk-management committee to ensure that we are well-insured and can proactively nullify these risks. Risks are analysed and managed at multiple levels, including the enterprise, business units, functions, and customer relationships.

Some of the most significant risks, as well as their expected impact on your company and mitigation plans, are included below.

Key Risks	Description	Mitigation Approach
Macro-economic Risk	Slowdown in economy can impacts the IT & ITES, further slowing the overall process down.	Your company enters contracts for spans of 3-5 years. As a result, even if there happens to be an economic slowdown, a large portion of revenue can be assumed to be consistent as a backlog from previously signed contracts.
Foreign Exchange Risk	Risk arising from imports comprising a significant share of your companys revenues and the fluctuations of foreign currencies.	Your companys revenues are mainly derived from the Indian market. Foreign revenues are hedged using a variety of methods including forward covers.
Cyber Security Risk	As an entirely digital company, there is a significant risk of digital compromise of the software. The significant trend toward higher digitisation has resulted in the development of the necessary infrastructure for protection against cyber-attacks, data loss/theft, which could have a negative impact on operations and financial losses.	Your company has protective systems and processes in place to ensure the safety and security of digital assets and data ow. We provide airtight digital security to ensure sanctity of personal data stored on our servers. Our sustainable business model and strong margins support us in carrying out these operations.
Talent Risk	Retention of key talent at all levels of the organization is a crucial part of ensuring continuity of processes and long-lasting customer-employee relationships	Your company ensures that employees feel rewarded at their position in your company. These efforts are evident given our low attrition rates as compared to the industry.
Compliance Risk	Compliance with legal and taxation legislation of the jurisdictions where your company operates, adherence to financial reporting, SEBI Requirements, and the exercise of good governance are all factors critical to the sustainability of your company.	Constant monitoring by the Board, with assistance from the legal advisors, auditors, and Company Secretary help us mitigate this risk.