The Indian technology company providing functionality for McDonald’s McDelivery service and Avis car rental in India may submit an initial public offering (IPO) this week, according to a recent Bloomberg report. MapmyIndia could focus on an IPO of approximately $175 million, pushing the 26-year-old company’s value to roughly $825 million, according to the report.
More than 5,000 companies, including Facebook, Snapchat, Uber, Amazon Alexa and Apple Maps rely on MaymyIndia to provide a variety of mapping features, including 2D, 3D and 4D maps, as well as real-time views, geospatial data, GPS information and more, according to the company’s website. MapmyIndia provides a multitude of products, platforms and APIs for the Indian market, as well as internationally under the Mappls brand to companies in Sri Lanka, Bangladesh, Nepal, Bhutan, Myanmar, the United Arab Emirates and Egypt, according to its website.
The company’s investors include PhonePe, Qualcomm Ventures and Zenrin, according to the MapmyIndia website.
Similar technology is powering the connected car space as well, according to PYMNTS. By 2030, roughly 95 percent of new vehicles sold worldwide will be connected to the Internet, an increase from about 50 percent today. Of those, about 45 percent of these vehicles will have intermediate and advanced connectivity.
A PYMNTS/Visa study in 2018 found that 40 percent of commuters buy morning coffees and breakfast on the way to work. Of those, 54 percent ordered ahead and paid for food and beverages. About two-thirds who ordered ahead on mobile apps said they would do it more frequently if their cars had in-vehicle commerce options. Almost 40 percent of commuters said they search for the nearest gas stations while driving using apps and their smartphones.
Building upon the notion that parents want to stay connected to their kids — and know where they are always — Amazon is contemplating the development of an Alexa-powered wearable GPS-equipped device for kids ages 4 through 12, according to PYMNTS.