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Anand Rathi Report
C.E. Info Systems Ltd. (MapMyIndia) is the leading digital mapping operator in India. Its business-to-business and business-to-business-to-consumer focus makes it less visible versus B2C focussed Google map.
Yet, we feel that the revenue model based on fees charged per period (on per vehicle, per asset, per transaction, per use case, per user) is superior to Google (only advertisement based).
In the context of business in India, MapMyIndia has clear advantages, not easily replicable, and which prove to be high barriers to enter the map and navigation business in India.
Its diverse use of maps across a variety of platforms, products and applications is much more than those of its peers (because of this ~90% of its larger customers generating more than ~80% of revenue have been retained over the years).
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