The board of the tech firm MapmyIndia, formerly CE Info Systems Ltd., approved funding up to Rs 500 crore through qualified institutional placement (QIP), the company announced on Monday, 27 November, according to a report by CNBC TV-18.
According to the corporation, shareholder and regulatory clearances are prerequisites for the fund-raising.
CE Info Systems reported a 30.3 per cent year-over-year increase in consolidated profit after tax to Rs 33.1 crore for the September quarter. It brought in Rs 91.08 crore, a 19 per cent increase. Additionally, the company's margin increased, rising from 40 per cent in Q32022 to 45 per cent.
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"We wish to inform you that the Board at its meeting held today has inter-alia approved raising of funds by way of issuance of such number of equity shares having face value of Rs 2 each of the company, for an aggregate amount not exceeding Rs 500 crore or an equivalent amount thereof by way of qualified institutional placement (QIP)," the digital map provider said in a filing.
According to Rohan Verma, CEO and Executive Director of MapmyIndia, the revenue increase during the April-September period was diverse, with consumer technology and the enterprise digital transformation solution suite expanding 32.2 per cent and automobile and mobility (A&M) technology showing a growth of 23.5 per cent.
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According to Verma, the company hopes to reach a revenue milestone of Rs 1,000 crore within the next four to five years.
Digital maps, location-based IoT technology solutions, and geospatial software are all provided by CE Info Systems. In India, it also provides services to national food storage corporations and government agencies.
CE Info Systems' stock closed 0.50 per cent higher on Friday at Rs 2,206.05. This year, the stock had gained 110 per cent already.
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