This Analyst Favours Made-In-India App Over Google Maps

An analyst recently took to X, formerly Twitter, to spotlight MapmyIndia as India’s answer to Google Maps.

The Analyst: Aditya Shah, a Stocks and Exchange Board of India-registered (SEBI) investment advisor and stock analyst, highlighted MapmyIndia’s position as India's premier provider of digital maps, geospatial software, and location-based internet-of-things technologies, and emphasised the company’s impressive growth rate of 30-40%.

The Argument: Shah noted that MapmyIndia has more than 2000 customers, including the likes of Apple, PhonePe, Hyundai, Airtel, Flipkart, McDonald’s, HDFC Bank and the Indian Space Research Organisation (ISRO).

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He said that unlike Google Maps, which is mainly a business-to-consumer business, MapmyIndia is a provider of advanced digital maps, geospatial software and location-based IoT technologies serving business-to-business and business-to-business-to-consumer firms.

Moreover, he underlined the fact that MapmyIndia says it keeps customer data confidential while Google uses data for advertising. He adds that the Indian app has customers across sectors like auto, retail and others, with expanding use cases in other industries.

Shah also noted that the app helps navigate flyovers and complex intersections as well as reported hyperlocal issues like traffic, roadblocks, potholes and unsafe zones. It also provides 3D mapping and is a full-stack solution for drones, he said.

Strong Numbers In A Niche Market: In terms of financials, he drew attention to the company’s revenue rising 40% in FY23 and profit margins sitting pretty at 34%.

“MapmyIndia operates in its own niche areas and has products and features which are better than any other competitor per se,” Shah explained in a thread. “As the company expands the B2C segment and expands the IoT business….there will be a huge runway for growth (sic).”

Price Action: MapmyIndia’s share price is up 58.17% so far this year at ₹1,659. In absolute terms, it has been the best-performing new-age tech stock so far this year.

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