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.
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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.
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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.
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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