MapmyIndia shares plunge over 7% after Google cuts Maps platform pricing by up to 70%

The stock was down 7.2% at ₹2,298.8 apiece on the NSE. The total market capitalisation stood at ₹12,430.3 crore.

It shed 7.2% to ₹2299 on the BSE.

Shares of Genesys International Corporation Limited, which provides mapping, survey and geospatial services, were also down 5.83% to ₹639.4 apiece.

At its developer event, Google I/O Connect Bengaluru, on Wednesday, the technology major announced that it will reduce the prices of its Google Maps platform for developers in India.

Google said that, from August 1, 2024, its Maps will cost up to 70% less than "most APIs" for Indian developers.

According to the tech major, the price reduction will make Google Maps more accessible for developers to create location-based solutions in the country.

"For developers using Google Maps Platform, we're introducing India-specific pricing that is up to 70% lower on most APIs to make it even easier to build location-based solutions," Google said in a blog.

The tech major also announced collaborating with the Open Network for Digital Commerce (ONDC) to offer "developers building for ONDC up to 90% off on select Google Maps Platform APIs".

These developments come after ride-hailing startup Ola fully exited Google Maps and switched to its in-house navigation system, Ola Maps, powered by its AI platform Krutim. It also announced free access to Ola Maps for one year to all developers.

In an X post, Aggarwal said, "After #ExitAzure, it's time for developers to #ExitGoogleMaps! 1 YEAR FREE access to all developers to Ola Maps on @Krutrim, more than ₹100 Cr in free credits!"

"We've been using Western apps to map India for too long and they don't get our unique challenges: street names, urban changes, complex traffic, non-standard roads etc. Ola Maps tackles these with AI-powered India-specific algorithms, real-time data from millions of vehicles, leveraging and contributing massively to open source (5 Mn+ edits just last year!)," he added.

Aggarwal also claimed that Ola Maps is outperforming rivals in terms of location precision, estimated time of arrival (ETA), and search.