Global investment titan Mark Mobius is no stranger to spotting potential in emerging markets and one Indian company that has had his attention for some time has been MapmyIndia — a company that offers products, solutions and services in the domain of maps, navigation and GPS. In a tweet that resonated with market watchers, Mobius declared, “Seeing MapmyIndia soar confirms our belief in their vision. The company is doing a terrific job in mapping and location technology.”
But what’s behind Mobius’s endorsement?
A recent Bloomberg report provides some context. MapmyIndia, formally known as CE Info Systems Ltd., has seen its stock price skyrocket by an impressive 104% since March, adding a staggering $675 million to its market cap. The growing popularity of its consumer app, Mappls, which is steadily carving a niche against global giant Google Maps, drives this surge.
Founded by Rakesh and Rashmi Verma, the journey of MapmyIndia began with the couple’s ambitious project of mapping India’s vast cities on foot. Today, with their Stanford-educated son, Rohan Verma, at the helm, the company boasts collaborations with industry giants like Apple, BMW, and Amazon.
Mobius’s admiration isn’t just limited to words. His firm, Mobius Capital Partners LLP, has put its money where its mouth is, holding a 0.74% stake in MapmyIndia. He had previously highlighted the company as a top Indian pick in a June interview with Bloomberg, emphasizing its pivotal role in the nation’s digital transformation.
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Price Action: CE Info Systems Ltd. shares were up 1.01% at ₹2,012.75 at around mid-day on Wednesday.
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