Indian Husband-And-Wife Worth $586 Million After Map Startup's IPO

More than two decades ago, when Rakesh and Rashmi Verma decided to create digital maps of India, the couple were treading new terrain, quite literally

More than two decades ago, when Rakesh and Rashmi Verma decided to create digital maps of India, the couple were treading new terrain, quite literally. Long before Google revolutionized web cartography, the Vermas traversed India's mega-cities by foot, painstakingly charting streets and landmarks.

But the mammoth task of building their company, MapmyIndia, paid off Tuesday. The Vermas' startup met with resounding success during its trading debut after its initial public offering. The stock rose around 35 per cent to 1,393.65 Indian rupees ($18.4), pushing the couple's net worth to about $586 million. It was a fittingly bold start for a company that sells digital maps and geographic data covering India's challenging topography.

A strong market debut punctuates several recent highs for MapmyIndia, formally known as C.E. Info Systems Ltd. Earlier this month, the company reported it had received bids for more than 150 times the number of shares on offer in its initial public offering. Apple Inc. and Amazon.com Inc. are among those that have purchased the company's software.

The husband-and-wife team, who own nearly 54 per cent of the company post-IPO, are the latest founders to strike gold during this year's stock market boom. India's startups, in particular, are having a moment, buoyed by strong pandemic-driven demand for e-commerce and online services. Home-grown businesses such as MapmyIndia have led the surge in new fundraisings, setting IPO records and pricking the ears of investors looking for the next big market in Asia.