Verma denied any risk to the company’s business due to Wave Maps because its quality is not good.
“We don’t see a business risk because we don’t see a good product coming out of it. People are complaining all over the place, about their updated taxi app (Ola), about their updated electric vehicle app, that their maps are pathetic and causing problems for users. Everyone knows that it’s more ads and gimmicks, but the quality of that product is very poor,” he said.
When contacted, an Ola spokesperson said, “Ola strongly refutes the baseless and motivated claims made by MapmyIndia. They are a clear indication of the company’s desperate attempts to remain relevant by defaming its competitors.”
“The company’s single-product business has clearly lost its edge to superior and new-age players. Ola has responded to MapmyIndia’s legal notice and it is now up to them to prove their case. Ola stands by the integrity of its business and will take all necessary steps to protect its interests.”
MapmyIndia had sent a legal notice to Ola on July 23, three days before the publication of Ola Electric’s Red Herring Prospectus, for breaching the terms and conditions of the license agreement that Ola Electric had signed in 2021 with the company to use APIs (application programming interfaces) and SDKs (software development kits) for navigation.
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Verma said that ANI Technologies had signed a licensing agreement with MapmyIndia in 2015 to use map data. Electric two-wheeler manufacturer Ola Electric has stated in its press release that Ola Maps is owned by an extremely small startup, Geospoc Pvt Ltd., and that it is supplied with the data by the company.
“One can and should look at Geospoc’s good faith and investments, or indeed lack thereof, either before or after the acquisition by Ola, and then add the context that Ola Electric has licensed Mapmyindia’s APIs and SDKs… then one really wonders about the veracity, good faith, quality and accuracy of Ola’s claims about Ola Maps,” Verma said.
MapmyIndia claimed that Ola Electric licensed its APIs and SDKs and then incorporated and integrated them with its software.
“It is a well-known fact that creating maps is a serious business. It requires a huge investment of time, capital and expertise. Across the world, despite many trying, there are very few players who have managed to sustain themselves or succeed. It is not possible for someone to suddenly come and say that they have created maps without the proper track record and bona fides, let alone someone who has been actively using map data, APIs and SDKs from some other company for several years,” Verma said.
He also questioned Ola’s claim that it used OpenStreetMap to develop Ola Maps.
“If any well-meaning Indian visits www.openstreetmap.org, he or she will realise for themselves why it should not be used. The accuracy of the maps of these various competitors is something that people will find very lacking. It is not easy to create an accurate map. As far as the product is concerned, people should be very careful about these gimmicky and ephemeral products,” Verma said.
Speaking about the company’s financial performance in the June 2024 quarter, Verma said, CE Information Systemsowner of the MapmyIndia brand, has had a good start to the year.
“We are on track to achieve our milestone of reaching Rs 1,000 crore in revenue by fiscal 2027 or 2028. We are an annual business and quarters can be irregular,” he said.
CE Infosystems posted a 12.1 per cent rise in consolidated profit after tax at Rs 35.9 crore in the first quarter ended June 30, 2024. The company had reported a net profit of Rs 32 crore in the same period a year ago.
Consolidated revenue from operations grew 13.5 per cent to Rs 101.5 crore during the reported quarter from Rs 89.4 crore in the June 2023 quarter.
“We ended last year with, I think, an open order book of Rs 1,300 crore and that number is up from the previous year’s open order book of Rs 900 crore. Those are the indicators of revenue growth. It is quite easy to predict our revenue growth based on the history of order book,” Verma said.
He said the company will now also venture into international markets, with an initial focus on Southeast Asian countries.
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