MapmyIndia forms JV with Hyundai Autoever to offer map-based solutions across Southeast Asia
| Photo Credit: Special Arrangement
MapmyIndia has announced to form a joint venture (JV) with Hyundai Autoever, a wholly owned subsidiary of Hyundai Kia, to expand its offerings beyond India. The new JV called PT Terra Link Technologies, will be based in Indonesia and provide map-based solutions for automotive OEMs and other businesses across Southeast Asia.
MapmyIndia will invest $4 million for a 40% stake into the PT Terra Link Technologies while the rest will be owned by Hyundai Autoever.
With our efforts during past many quarters, we finally could enter the international market with a significant win of PT Terra Link Technologies in the South East Asian region for map solutions, said Rakesh Verma, Chairman and MD, MapmyIndia.
“Estimated revenue of JV would be to the tune of USD multimillion over the next 5 years with order booking and revenue commencing from FY26 itself. This JV will also benefit current customers of MapmyIndia,” he added.
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“Our diverse range of solutions saw increased adoption, such as our ADAS and EV Mobility stack, video telematics for fleets, APIs and SDKs for app developers and enterprises, and geospatial solutions like 3D digital twin mapping,” said Sapna Ahuja, COO, MapmyIndia.
Published – November 09, 2024 12:34 pm IST