MapmyIndia, an Indian advanced digital maps and deep-tech products and platforms company, announced its financial results for the second quarter and first half of FY2025, ending on September 30, 2024. The company reported revenue growth and announced a new joint venture with Hyundai Autoever, a subsidiary of Hyundai Kia, to expand its business into Southeast Asia.

MapmyIndia's board approved a joint venture with Hyundai Autoever, where MapmyIndia will hold a 40% stake with a USD 4 million investment. This joint venture, named PT Terra Link Technologies, will be based in Indonesia and focus on providing map-based solutions for automotive OEMs and other businesses across Southeast Asia.

Revenue

The joint venture is expected to generate multimillion-dollar revenue over the next five years, with order bookings and revenue commencing from FY26. MapmyIndia also reported its Q2 FY25 revenue from operations increased to INR 104 crore, a 14% YoY growth. The first half of FY25 (H1 FY25) saw revenue grow to INR 205 crore, compared to INR 181 crores in H1 FY24.

Rakesh Verma, Chairman & Managing Director of MapmyIndia, said, “The joint venture, named PT Terra Link Technologies, will be based in Indonesia and will concentrate on providing map-based solutions for automotive OEMs and other businesses across Southeast Asia. Estimated Revenue of JV would be to the tune of USD multimillion over the next 5 years with order booking and revenue commencing from FY26 itself. This JV will also benefit current customers of MapmyIndia.”

“Our Q2 FY25 revenue from operations increased to INR 104 crore, a 14% YoY growth and the first half of FY25 (H1 FY25) saw revenue growing to INR 205 crore as against INR 181 crores in H1 FY24. EBITDA for H1 FY25 reached INR 80 crore, yielding a margin of 39.1%, compared to INR 78 crore and a margin of 43.2% in H1 FY24. EBITDA for Q2 FY25 was INR 37.5 crore, yielding a margin of 36.1%, compared to INR 40.5 crore and a margin of 44.5% in Q2 FY24," Verma elaborated.

Business segment performance

Decrease in margin is primarily due to investing on a continuous basis during the last four quarters in consumer business for the future growth and these investments are booked as expenses. Downloads of the Mappls App surged from 10 million in H1FY24 to 25 million in H1FY25. Our Profit After Tax (PAT) for H1 FY25 rose to INR 66 crore, compared to INR 65 crore in H1 FY24. Our IoT-led EBITDA margin improved significantly, rising from 7% to 14% during the same period. We are on track for achieving our goals of FY 27-28,” he further added.

Sapna Ahuja, COO of MapmyIndia, said, “The overall market we serve faced challenges in Q2 FY25, but we managed to perform reasonably well thanks to our open orders and strong teamwork. In H1 FY25, our Automotive & Mobility Tech (A&M) revenue rose by 19.3% YoY, while our Consumer Tech & Enterprise Digital Transformation (C&E) revenue grew by 8.2%. Specifically, in Q2 FY25, A&M revenue increased by 27% to INR 60.9 Cr YoY, while C&E revenue remained steady at INR 42.7 cr.”

“With our efforts during the past many quarters, we finally could enter the international market with a significant win of PT Terra Link Technologies in the South East Asian region for map solutions. We successfully acquired new customers and deepened our relationships with existing clients through upselling and cross-selling. This included significant wins and go-lives across various sectors, including automotive, fleet management, tech startups, traditional corporations, government entities and defence," Ahuja said.

Our diverse range of solutions saw increased adoption, such as our ADAS and EV Mobility stack, video telematics for fleets, APIs and SDKs for app developers and enterprises, and geospatial solutions like 3D digital twin mapping. Additionally, the adoption of our consumer products continues to rise steadily,” she further added.