MapmyIndia to acquire 6% stake in indoor navigation startup Iwayplus for Rs 2 crore

Listed geospatial technology major MapmyIndia is acquiring a minority stake of about 6.06% in indoor navigation startup Iwayplus for Rs 2 crore, as part of its strategy to back emerging technologies and deepen its location intelligence capabilities.

In a regulatory filing on January 12, 2026, MapmyIndia said its board approved the investment through the purchase of 3,500 compulsorily convertible preference shares (CCPS) in Iwayplus, representing 6.06% shareholding on a fully diluted basis.

The investment will be made in cash and may be completed in one or more tranches within three months. The company said no government or regulatory approvals are required for the transaction.

The acquisition does not fall under related party transactions, and the promoter group has no interest in the target entity, according to the filing.

Founded in December 2022 by Vikas Upadhyay and Pulkit Sapra, Iwayplus is an indoor navigation and wayfinding startup that develops and deploys technology solutions for large indoor environments such as hospitals, airports, academic campuses, malls, IT parks, museums, zoos and exhibition centres.

The company builds digital indoor mapping solutions, indoor positioning systems and location-based services using proprietary software platforms, mobile applications and integrated hardware technologies, including Bluetooth Low Energy (BLE) beacons and sensors.

Its product stack includes high-resolution 2D and 3D indoor maps, real-time indoor navigation systems, accessibility-focused wayfinding solutions, content management systems and customised applications. Iwayplus also handles installation, configuration and maintenance of associated hardware, along with ongoing software support, analytics and location-based services.

The startup reported turnover of Rs 76 lakh in FY25, up from Rs 19 lakh in FY24. It had no revenue in FY23.

MapmyIndia said the investment aligns with its broader strategic initiatives to support innovative technologies and enhance its business portfolio. The minority stake strengthens its mapping stack by adding indoor navigation capabilities, enabling seamless outdoor-to-indoor navigation.

The company expects this to deepen its relevance across airports, hospitals, campuses and smart city deployments, while supporting enterprise and government use cases as it moves toward a full-stack location intelligence platform.

MapmyIndia, which builds digital maps and geospatial data products for consumers, enterprises and governments, has been actively investing in adjacent and complementary businesses in recent years. Its portfolio includes a majority stake in Gtropy Systems, a telematics and IoT fleet management company; a minority holding in SimDaaS Autonomy, which focuses on AI and simulation technologies for autonomous systems and ADAS; and a 40% joint venture with Hyundai AutoEver in PT Terra Link Technologies to deliver map-based solutions for automotive OEMs in Southeast Asia.

The company also holds minority stakes in Kaiinos Geo Spatial Technologies, a GIS-focused intelligent systems platform; Indrones Solutions, a drone technology startup focused on mapping and data capture; and Zepto, the quick commerce startup, to broaden its exposure to fast-moving logistics ecosystems.

On the financial front, MapmyIndia reported a 39% year-on-year decline in net profit to Rs 18.5 crore in the second quarter of FY26, compared with Rs 30.4 crore in the year-ago period. Operating revenue for the quarter rose 10% year-on-year to Rs 113.8 crore.