Japanese map publisher Zenrin is in the final steps to invest 30 million USD in India-based digital mapping solution MapMyIndia, reports Economic Times. If the deal goes through, it will give Zenrin 24% stake in the company. The deal values MapMyIndia at 125 million USD.
The investment from Zenrin will dilute their stake as well as give a partial exit route to some of the private-equity investors in the company. The funds will be used to expand the operations of the Delhi-based firm and launch new products. MapMyIndia offers internet, mobile and in-car navigation products, covering major cities and 6 lakh villages across the country. It is country’s largest provider of digital-map data and consumer-navigation services and has revenues of 42 crore rupees.
MapMyIndia gave a major update to its features in June 2011. It now shows the house numbers in eighteen cities. Just like Google maps, MapMyIndia has also added icons for various landmarks. It has tied up with Zomato to pump in information about restaurants. The integration includes showing restaurant timings, cuisine, and cost of meal for two directly in the search and links to view the menu and photos on Zomato’s website. Also, MapMyIndia gives phone numbers and PIN codes whenever you search for a particular business on MapmyIndia Maps.
In 2007, MapmyIndia raised its first funding from Sherpalo, the VC fund of Ram Shriram, and Kleiner Perkins Caufield Byers. In the same year, it raised $2.5 Mn from Nexus India Capital and in 2009 raised $9 Mn from Qualcomm Ventures.
If MapMyIndia has to succeed, it will have to ensure that its map data is up to date, accurate and localised.