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MapmyIndia Acquires Bengaluru Based VIDTEQ To Build 3D and 360 Degree Map

18Apr By PriyankaNo Comments

ACQUISITION

MapmyIndia Acquires Bengaluru Based VIDTEQ To Build 3D and 360 Degree Map

Digital mapping firm MapmyIndia today said it has acquired Bengaluru-based VIDTEQ for an undisclosed amount. MapmyIndia is leading player in the area of digital map data and APIs, GPS navigation, tracking, location apps, and GIS solutions. “The MapmyIndia and VIDTEQ teams are excited to build the future of maps and location technologies together, that can make our world better,” MapmyIndia CTO Rohan Verma said in a statement. Founded by Chandra Thimmannagari and Navada Muraleedhara in May 2008, VIDTEQ offers a video map technology that allows users to view a video clip of the complete route from any source to the destination within a city. It already covers over 20 Indian cities. Besides, MapmyIndia announced a slew of partnerships. Under the collaboration with Reverie Language Techn...

MapmyIndia Aims 5 Fold Jump in Revenue to Rs 1,000 Cr by 2023

Digital map firm MapmyIndia expects a 5-fold increase in revenue to Rs 1,000 crore with the introduction of home level navigation in its maps and from expansion of business overseas over the next five years. "We started with initial capital of Rs 3 crore in 2004-05 and now we have revenue of Rs 200 crore. With launch of eLoc, that helps in navigating till doorstep, government support and overseas expansion, we expect to garner revenue of Rs 1,000 crore in the next five years," MapmyIndia Managing Director, Rakesh Verma told Pixr8. He said that now people can visit MapmyIndia and create own digital location code, eLoc of office and home on the map and use it as an alternative to their postal address. "A six character code is created automatically as digital address on the map. Thi...

Flipkart buys stake in MapmyIndia to improve delivery operations

India’s largest e-commerce firm Flipkart has bought a minority stake in digital maps provider MapmyIndia to improve its supply chain efficiency. The companies didn’t disclose the financial details of the deal. Flipkart will license map data and location technologies from MapmyIndia (promoted by CE Info Systems Pvt. Ltd) and deploy location intelligence capabilities across its logistics network to strengthen its delivery operations. Flipkart plans to introduce services such as real-time shipment tracking and theft minimization. “With this strategic investment, we are taking another concrete step toward transforming the supply chain ecosystem in India, making technology and information the driver of our supply chain and logistics solutions,” Flipkart chief operating officer Binn...