Friday, 21 June 2024, Bengaluru, India
The share of Geotech startup MapMyIndia increased by 20 percent after Goldman Sach‘s “buy” rating. The shares reached Rs 2,745.05 during intraday trading on the BSE this morning. The opening price of shares was around Rs 2,547 which was 6 percent more than the last closing. Goldman Sach gave a price target for the share of MapMyIndia at Rs 2,800.
The stock increased by 20 percent following this and reached the upper band at Rs 2,401 on the BSE yesterday. Goldman Sach mentioned that this Geotech startup is advantageous for having an early market position in a growing sector including mapping devices, telematics, government digitization, and automotive navigation. The startup is expected to have an EBITDA margin of 38 to 41 percent range and its revenue is predicted to have a CAGR of 30 percent till FY27. This deep tech startup focuses on technologies including navigation, maps, tracking, GPS, IoT, and GPS.
The company provides software as a service, proprietary digital maps as a service, and platform as a service. The platform offers other options including advanced map data, software products, and various IoT solutions to help new-age tech-focused companies. The company offers its solutions to large businesses, government organizations, automotive OEMs, developers, and consumers. MapMYIndia reported that its Consumer technology & enterprise digital transformation increased by 49 percent to Rs 194 crore and Automative & Mobility technology revenue increased by 23% to Rs 186 crore in FY24.
The total operating revenue for the firm increased by 35% YoY at Rs 379.4 crore. All shares for the startup increased and reached trading of 5.2% higher at Rs 2,256.60 on the BSE, earlier. The company also announced that more than 2.5 million new vehicles, including four-wheelers, 2-wheelers, and commercial vehicles in both EV and ICE segments integrated into the firm leading to a 32 percent increase compared to the last year.
Conclusion:
MapMyIndia is a Geotech startup whose shares grew by 20 percent after Goldman Sach’s “buy” rating. The shares reached Rs 2,745.05 during intraday trading on the BSE this morning. The opening price of shares was around Rs 2,547 which was 6 percent more than the last closing. Goldman Sach gave a price target for the share of MapMyIndia at Rs 2,800. Goldman Sach mentioned that this Geotech startup is advantageous for having an early market position in a growing sector including mapping devices, telematics, government digitization, and automotive navigation. The company focuses on technologies including navigation, maps, tracking, GPS, IoT, and GPS. The company provides software as a service, proprietary digital maps as a service, and platform as a service. The platform offers other options including advanced map data, software products, and various IoT solutions to help new-age tech-focused companies. The company offers its solutions to large businesses, government organizations, automotive OEMs and developers. The brokegae predicted the firm to have an EBITDA margin of 38 to 41%. The company’s revenue is predicted to have a CAGR of 30 percent till FY27.
