MapmyIndia, on 27 November, announced that the board of CE Info Systems has approved raising funds worth Rs 500 crore through QIP (qualified institutional placement).

In its filing, the company said that it would constitute a QIP committee for all matters in regards to the further fund raising by the company through QIP. The company will also seek approval from the shareholders for the same through a special resolution by postal ballot process.

Rohan Verma, CEO and Executive Director of MapmyIndia said that the revenue growth during the first half of the current fiscal year was broad-based, with the consumer technology and enterprise digital transformation solution suite growing 32.2% and the automotive and mobility technology segment registering a growth of 23.5%.

He further added that the company is targeting Rs 1,000 crore in topline over the next four to five years.

Mark Mobius is among the investors who are enthused by the provider of mapping and utility services.