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News on Medial
MapmyIndia, Hyundai AutoEver To Form JV To Integrate Maps For South East Asia
Inc42
·
9m ago
Medial
MapmyIndia has announced a new joint venture with Hyundai AutoEver in Indonesia called PT Terra Link Technologies. MapmyIndia will invest $4 million to acquire a 40% stake in the JV, while Hyundai AutoEver will hold the remaining 60%. Additionally, MapmyIndia's board has approved an investment of $0.5 million in its subsidiary CE International.
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MapmyIndia aims for ₹1,000 cr of revenue by FY27 but faces speed bumps galore
Livemint
·
1y ago
Medial
MapmyIndia, a digital mapping company, aims to achieve ₹1,000 crore in revenue by 2027 through its analytics business and its expansion into international markets, particularly Southeast Asia. The company faces challenges from increased competition in both its legacy maps business and its new analytics offering. MapmyIndia's ClarityX, an AI-based data analytics and consulting services company, will leverage MapmyIndia's customer base to provide value-added offerings. Analysts believe that the Internet of Things (IoT) business and deals with automotive original equipment manufacturers will drive future growth. However, MapmyIndia faces competition from auto OEMs and giants like Google Maps and Apple Maps, along with numerous competitors in the analytics space.
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MapMyIndia accuses Ola Electric of copying data; sends legal notice
Entrackr
·
1y ago
Medial
CE Info Systems, the parent company of MapMyIndia, has sent a legal notice to Ola Electric for allegedly copying the former’s data as the Bhavish Aggarwal-led firm launched its own mapping service in India. In the legal notice, MapMyIndia claimed that Ola Electric breached the license agreement. In 2022, Ola Electric onboarded MapMyIndia to offer navigation services for its S1 Pro electric scooter. As per MapMyIndia, Ola was prohibited from co-mingling the licensed product with another similar competing product and indulging in any reverse engineering or making any attempt to extract/ copy the source code from any API of the licensed product or any related software. Ola Maps cached, saved our data which is a violation of the licensing agreement signed in 2021, asserts MapMyIndia in the notice. The Delhi-based firm also added that it will initiate appropriate legal action, both civil as well as criminal, against Ola Electric. Entrackr has reviewed the notice and reached out to Ola and MapMyIndia for comments. Forbes India reported the development first. Earlier this month, the Bengaluru-based firm launched Ola Maps as an alternative to Google Maps. The firm also shifted its operations to its in-house mapping service by transitioning from Google Maps. As per Aggarwal, this measure is expected to save Rs 100 crore a year his company. In response to Ola Maps’ free offerings, Google also slashed the pricing of Google Maps platform for developers in India by as much as 70%. The tech giant also said that it will give a 90% discount to developers working with the Open Network for Digital Commerce (ONDC). MapMyIndia was listed on the stock exchange in December 2021. The company reported a 35% surge in its net profit to Rs 38.2 crore in the last quarter of FY24 with an operating revenue of Rs 106 crore. Ola Electric is also set for the stock market debut on August 2.
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Micro VC Aora changes tack, investment mandate in new fund
VCCircle
·
1y ago
Medial
Venture capital firm Aora Ventures is shifting its investment strategy with its new fund. The firm, known for its backing of startups across various regions, including South Asia, South East Asia, Europe, and the US, has fully deployed its initial $15 million fund established in 2020. The focus of the new fund will be to target a specific corpus, narrowing its investment scope.
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‘Opportunistic’, Bhavish Aggarwal on MapMyIndia’s legal notice
Entrackr
·
1y ago
Medial
Ola Electric founder Bhavish Aggarwal has responded to the recent controversies surrounding its mapping solution, and the legal notice from MapMyIndia. “It is opportunistic of MapMyIndia; there are opportunistic players everywhere. We will respond to them at the right time,” Aggarwal is quoted as saying by MoneyControl. Earlier this month, the Bengaluru-based firm launched Ola Maps as an alternative to Google Maps. The firm also shifted its operations to its in-house mapping service by transitioning from Google Maps. CE Info Systems, the parent company of MapMyIndia, sent a legal notice to Ola Electric for allegedly copying the former’s data. In the legal notice, MapMyIndia claimed that Ola Electric breached the license agreement. In 2022, Ola Electric onboarded MapMyIndia to offer navigation services for its S1 Pro electric scooter. As per MapMyIndia, Ola was prohibited from co-mingling the licensed product with another similar competing product and indulging in any reverse engineering or making any attempt to extract/ copy the source code from any API of the licensed product or any related software. MapMyIndia alleged that Ola Maps cached, saved its data which is a violation of the licensing agreement signed in 2021. The Delhi-based firm also added that it will initiate appropriate legal action, both civil as well as criminal, against Ola Electric. Ola, however, refuted the allegations made by MapMyIndia. “…We would like to state unequivocally that these allegations are false, malicious and misleading. Ola Electric stands by the integrity of its business practices. We will suitably respond to the notice shortly,” an Ola Electric spokesperson had said. Separately, Ola Electric is also set for the stock market debut on August 2. On the upcoming IPO, Aggarwal said, “We wanted to ensure that the pricing was set at a level that would generate significant excitement among investors.” Last week, media reports suggested that Ola is going to drop down its plan for car production. However, Aggarwal clarified that the firm did not confirm or deny plans to pause car production.
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A Long Road For Ola Maps: Can Bhavish Aggarwal Dethrone Google Maps, MapmyIndia?
Inc42
·
1y ago
Medial
Ola founder and CEO Bhavish Aggarwal is keen on spinning off Ola Maps as a separate entity, with hopes of creating another unicorn. Ola had announced the launch of Ola Maps for developers, signaling a move away from Google Maps. Sources suggest that Ola is aiming to build a mapping platform that can compete with Google, Apple, and MapmyIndia. However, building a comprehensive mapping platform is a complex task, requiring significant resources and maintenance. Ola Maps aims to become a super app, incorporating various verticals and services.
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MapmyIndia board gives nod to raise funds up to ₹500 crore via QIP route
Livemint
·
1y ago
Medial
The board of directors of MapmyIndia has approved the proposal for raising funds up to INR 500 crore ($67 million) through a qualified institutional placement (QIP) route. The funds will be raised via the issuance of equity shares, subject to necessary approvals. MapmyIndia is an Indian company and a competitor of Google Maps. It reported a net profit of INR 33 crore ($4.4 million) in the last quarter.
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Hyundai Motor India's South Korean parent may sell stake via IPO
VCCircle
·
1y ago
Medial
South Korea's Hyundai Motor is planning to sell up to a 17.5% stake in its Indian unit through an initial public offering (IPO), aiming to raise up to $3 billion. The IPO, which could be India's largest ever, will involve Hyundai Motor India's South Korean parent selling part of its stake to retail and other investors. The move is expected to reduce Hyundai Motor India's reliance on its parent company for funds and enable it to expand in the Indian market.
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China's Sinopec to form $4 bn JV with Saudi Aramco unit
VCCircle
·
3m ago
Medial
China's Sinopec has partnered with a unit of Saudi Aramco to form a joint venture worth $3.95 billion. Sinopec and its unit will contribute a combined 21.6 billion yuan in cash, while Aramco Asia Singapore Pte. (AAS) will handle the remaining 25% of the investment. The new entity, Fujian Sinopec Aramco Refining and Petrochemical Co, will focus on refining and petrochemical operations in China's Fujian province.
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With thaw in India-China ties, TCI orders two cargo ships from Chinese shipyards
Livemint
·
9m ago
Medial
Transport Corporation of India (TCI) plans to purchase two cargo ships worth $38 million from Chinese shipyards to enhance its operations along the Indian coastline. The vessels, expected to be delivered in 2026, will be used to transport cargo along ports on the east and west coasts of India. TCI is also considering purchasing a second-hand cargo vessel and exploring options from shipbuilders in Japan and South Korea. Additionally, TCI aims to expand its overseas operations, particularly in the Middle East and South Asia, and is focusing on its supply chain and warehousing services.
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Practo aims to double international revenue in 3 years, says CEO
VCCircle
·
2m ago
Medial
Practo, an Indian healthcare platform, plans to double its international revenue within three years by expanding in developed markets. Currently, around 20% of its revenue comes from international markets, mainly through its hospital management software in regions like South East Asia, the Middle East, and Africa. Practo also aims to enhance its consumer-facing platform presence beyond India, particularly in Dubai, Sharjah, and Abu Dhabi, contributing to overall revenue growth, according to CEO Shashank ND.
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