MapmyIndia has bagged a major automotive OEM business contract from Hyundai Autoever Corporation for licensing of CE Info (MapmyIndia) map and connected services contents to Hyundai Motor India and Kia India for the India market.
The contract, valued at around Rs 400 crore (US$ 50 million), is for the next five years, starting this year. It covers map and connected services contents including real-time and predictive traffic, mobile SDK, online search and call centre maps for embedded connected navigation and connected car services of Hyundai Motor Group’s two vehicle manufacturing entities in India – Hyundai Motor India and Kia India.
Like their smartphones, car users are keen to stay fully connected in their computers on wheels, which is why OEMs across the spectrum are pushing the connectivity envelope with plenty of tech-driven features. In what is a global trend, the demand for connected vehicles continues to rise at a rapid pace. It’s no different in India where vehicle buyers seek enhanced ease of operation through a high level of seamless connectivity.
In India’s passenger vehicle market, it can be said that both Hyundai Motor India and Kia India took the lead on the connectivity front. While Hyundai offers its connected car technology under its Bluelink brand, Kia India has its Uvo Connect connected suite, both with similar functionalities.
Hyundai Motor India, which introduced its Bluelink connected car technology in 2019 in its Venue compact SUV with 10 India-specific features, currently offers it in around 80% of its product range as an option and plans to offer it across the entire range in the foreseeable future.
MapmyIndia, which is India’s leading advanced digital maps and deep-tech company, offers proprietary digital maps as a service (MaaS), software as a service (SaaS) and platform as a service (PaaS), including its advanced digital map data, software products, platforms, application programming interfaces (APIs), IoT and solutions to automotive OEMs, new-age tech companies, large businesses, government organisations, developers and consumers.
On January 16, 2023, the company announced its financial results for the third quarter and first nine months of FY2024, ended December 31, 2023. A key milestone was achieving a Rs 100 crore-plus quarterly income (Q3 FY2024: Rs 103.6 crore, up 32% YoY) for the first time, even as cumulative nine-month income jumped to Rs 298.3 crore.
In a stock exchange filing, Rohan Verma, CEO and Executive Director, MapmyIndia, had said then, “We are excited about Q4 FY2024, with a strong order book build up based on very large new wins and look forward to sharing developments shortly. YTD (9M FY2024) revenue growth was broad-based, with A&M up 19.5% and C&E up 43.1% on the market side, while Map & Data was up 37.6% and Platform & IoT was up 26.5% on the product side. We had multiple wins and go-lives across our Auto OEM NCASE suite with an exciting funnel ahead.” Clearly, he was referring to this latest business the company has bagged.
Lead image: courtesy Capgemini