Revolutionary Entrepreneurship & Importance of Building Valued Products
Delhi: With the progressive digital mapping and location technology that allows navigation with ease in this current age has been possible because of a transformations like that by MapmyIndia- (Make in India Company) founded long before people even knew about internet.
Prior to the time mobile phones made maps ubiquitous, the company founders; Mr. Rakesh Verma and Mrs. Rashmi Verma realized the importance of upcoming need for digital maps and took a bet on the emerging internet space in early 1990s.
Working to develop the products along with understanding the need to be able to work on low profits at the initial business growth stage, the company invested in employees and technology. This crucial practice thereby led to building strong partnerships and loyal investor relationships. The company has evolved and expanded the business rapidly by following core values and practice of creating valued products, by the adhering to build well-organized intellectual property database.
Now, with large contracts with automotive, E-commerce and government entities providing steady revenue and profit. MapmyIndia brings about new products and solutions constantly. The company is at this point is also working on a digital address for everyone and have partnered with the income tax and postal departments.
As stated by MapmyIndia’s MD & Founder Mr. Verma, the practice of building a long-term product which is valuable to the people helps in staying in the sustainable business for a long period of time, especially by entering a business where there are entry barriers for others.
The government is planning towards digitally mapping all the addresses in the country, whether residential or official. MapmyIndia’s eLoc, India’s first Nation-wide Digital Address will transform historical addresses and disrupt traditional mapping and navigation services, bringing immense convenience to individuals and significant benefits to businesses and governments across India.
The pilot project is being carried out by the Department of Posts (DoP), which comes under the purview of the Ministry of Communications. Department of Posts will allot a six-character alphanumeric digital address for every property and create eLoc or eLocation. – Once mapped, the addresses will be linked to information like property and ownership details, property tax records, and details on utilities like electricity, water and gas.
Mr. Rakesh Verma, Managing Director, MapmyIndia informs that benefits of eloc will help travelers and commuters search, share and navigate to doorstep destination. It will also reduce time, money, fuel wastage and expenses for businesses in the e-commerce, transportation, logistics and field operations domains”.
Times of India Nov 16, 2017
The department of post – which is under the ministry of communications — has ordered a pilot project that will accord a six-character alphanumeric digital address for every property for three postal pin code locations. A simple, standardized and precise pan-India digital address system , includes over 2 crore eLocs of individuals, businesses and government set-ups (properties, flats, buildings, residences, houses, offices, businesses, tourist points of interest, villages, localities, cities, roads etc) across urban and rural India.
Accessing and integrating these eLoc data, MapmyIndia MD, Rakesh Verma said, “eLoc will help travelers and commuters search, share and navigate to a destination’s exact doorstep far more easily and quickly. It will also reduce time, money, fuel wastage and expenses for businesses in the e-commerce, transportation, logistics and field operations domains”.