MapmyIndia has secured official board approval to form a joint venture (JV) with Hyundai Autoever, a fully owned subsidiary of Hyundai Kia. The JV, named PT Terra Link Technologies, will be based in Indonesia and will focus on providing map-based solutions for automotive OEMs and other businesses across Southeast Asia.
MapmyIndia will hold a 40% stake in the JV, with an investment of $4 million, while Hyundai Autoever will hold the remaining 60% stake with a $6 million investment. The JV is expected to generate multimillion-dollar revenues over the next five years, starting from FY26, with both order bookings and revenue projections. This collaboration is not only aimed at expanding business in Southeast Asia but also stands to benefit MapmyIndia’s existing customers by offering enhanced services in the region.
The JV will have a board structure where MapmyIndia will appoint two directors, while Hyundai Autoever will appoint three. MapmyIndia’s CEO, Mr. Rohan Verma, and the President of Hyundai Autoever, Mr. Jin Ho Kim, will serve as directors. Additionally, MapmyIndia’s CFO, Mr. Anuj Kumar Jain, will be appointed as a Commissioner on the JV’s Board of Commissioners. The JV will also have the right to appoint two Commissioners, one from each party. The agreement stipulates that neither party may transfer equity securities without the prior consent of the other. The JV is projected to have a total value of $10 million, and MapmyIndia will contribute its expertise in map-based solutions, supporting the integration of maps for Southeast Asia.
This joint venture aligns with MapmyIndia’s strategy to expand its presence in the Southeast Asian market, with the expected revenue from the JV projected to be substantial. Ultimately, the JV will generate revenue for MapmyIndia both through service fees and profit-sharing, marking a significant step in the company’s international growth strategy.