MapmyIndia shares jump 8% after Railway Minister backs local navigation app
MapmyIndia's stock shot up over 8% on Monday, landing at ₹1,847, after Railway Minister Ashwini Vaishnaw publicly praised their homegrown navigation app, Mappls.
He even posted a video showing off its features and urged people to try the app.
Vaishnaw shows off Mappls's cool features
Vaishnaw highlighted cool features like 3D junction views and real-time alerts for speed limits and accident-prone zones.
He also revealed Indian Railways will soon team up with MapmyIndia through an MoU.
This is a big nod from the government for local tech—giving Mappls a boost against global navigation apps.
MapmyIndia's revenue and future plans
The company pulled in ₹463 crore in revenue last year, with most of it coming from non-government deals.
They're aiming higher by pushing to get Mappls pre-installed on new smartphones under the PLI scheme.
With government support growing and investors taking notice, things are looking up for India's geospatial scene.