Anu Saraf of Business India got a chance to speak with Mr. Rakesh Verma, Managing Director & co-founder of CE Info Systems Pvt. Ltd. the holding company for MapmyIndia. It is said that every problem is an opportunity in disguise. So was demonetization. It all started whem senior officials from SBI contacted MapmyIndia, asking to make them an app which would help the customers find SBI ATMs which had money in them. The biggest challenge was that this project had to be completed within a week’s time. “I am proud to state that we worked 14 hours daily to make this happen” says Mr. Rakesh Verma. This is not our first time, we had earlier undertaken a similar drive, when we make an app for the government, detailing location in rural India where LPG cylinders were available.
Speaking of his business Mr. Verma says “although we were cash positive, our turnover in 2004 was only Rs. 4 crore, which increased to 6 crore in 2006. Now it is estimated to Rs. 135 crore in March 2016 with a profit of Rs. 27 crore after taxes.
The company is known to have grown 60% last year, largely on account of our licensing business. MapmyIndia was in the news last year when Flipkart picked up 34% stake in the company summing up to Rs. 544 crore, valuing the company to Rs. 1600 crore.