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News on Medial
MapMyIndia takes a u-turn, scraps decision to invest in outgoing CEO Rohan Verma’s startup
Livemint
·
8m ago
Medial
MapMyIndia's board of directors has decided not to invest in the new venture of its outgoing CEO, Rohan Verma. They have reversed their decision on making any equity or debt investment in the proposed company. The board will now focus on exploring opportunities in the business-to-consumer (B2C) sector and recalibrating their investments accordingly.
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MapmyIndia will not invest Rs 35 crore in new B2C venture: outgoing CEO Rohan Verma
Business Insider
·
8m ago
Medial
MapmyIndia's parent company, CE Info Systems, will not invest the initially announced Rs 35 crore in its new business-to-consumer venture. Outgoing CEO Rohan Verma stated that he decided to use his own funds instead after considering the concerns of minority investors. However, MapmyIndia will still receive a 10% stake in the venture for a nominal amount of Rs 10 lakh. The decision to separate the B2C operations from the company's primarily B2B business has raised concerns among investors, leading to a decrease in the company's stock price.
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MapmyIndia’s Rohan Verma to step down as CEO, launch new B2C firm
YourStory
·
8m ago
Medial
Rohan Verma, CEO of MapmyIndia, will step down and join a new B2C company in April 2025. MapmyIndia will invest Rs 35 crore and acquire a 10% stake in the new venture. Additionally, MapmyIndia will invest Rs 3 crore to acquire a 9.37% stake in SimDaaS Autonomy, a company specializing in simulation-driven development for autonomous systems. They will also invest Rs 2 crore to acquire a 19.84% stake in Kaiinos Geo Spatial Technologies, a company developing intelligent systems for GIS companies. Both acquisitions are expected to be completed by March 2025.
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Ola Maps a gimmick, people should be careful of fly-by-night products: MapmyIndia CEO
Economic Times
·
12m ago
Medial
MapmyIndia, a digital navigation company, has disputed claims by ANI Technologies, the parent company of Ola, regarding the development of a navigational map of India. MapmyIndia's CEO, Rohan Verma, called Ola's announcement a gimmick and questioned the credibility and quality of Ola's map products, citing complaints from users. Ola responded by refuting MapmyIndia's statements and stating that they will defend their business interests. MapmyIndia had sent a legal notice to Ola for breaching their license agreement. Verma also discussed MapmyIndia's financial performance and plans to expand into international markets.
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Good Capital co-founder Rohan Malhotra passes away
VCCircle
·
10m ago
Medial
- Rohan Malhotra, co-founder of venture capital firm Good Capital, passed away on October 1 at the age of 36. - He co-founded Good Capital with his brother Arjun Malhotra in 2019 to invest in seed-stage startups. - Prior to starting Good Capital, Rohan and Arjun launched startup incubator Investopad in 2014. - Rohan was involved in various roles in the financial and venture capital industry before his entrepreneurial ventures. - Good Capital's portfolio includes investments in startups like Meesho, Lead School, and SimSim.
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MapMyIndia posts Rs 32 Cr profit in Q3 FY25
Entrackr
·
6m ago
Medial
MapMyIndia posts Rs 32 Cr profit in Q3 FY25 CE Info Systems, the parent company of MapMyIndia, has announced its financial results for the third quarter of FY25. The company reported a year-on-year revenue growth of over 24% compared to Q3 FY24. MapMyIndia’s revenue from operations increased to Rs 114.5 crore in Q3 FY25 from Rs 92 crore in Q3 FY24, its unaudited consolidated quarterly report sourced from NSE shows. Income from digital map data, GPS navigation, location-based services, and IoT were the primary sources of revenue for MapMyIndia, which accounted for 90% of the total collection. This revenue source increased by 32.5% to Rs 102.4 crore in Q3 FY25. However, income from the sale of its devices generated Rs 12 crore of revenue. The cost of IoT devices, employee benefits, and technical services (outsourced) were the major cost elements, which pushed the total cost of the firm to Rs 79.4 crore in Q3 FY25 against Rs 60.5 crore in Q3 FY24. With the increase in scale, MapMyIndia recorded a 4.2% increase in its profit to Rs 32.3 crore during Q3 FY25 as compared to Rs 31 crore in the third quarter of the previous fiscal year (Q3 FY24). MapMyIndia is currently trading at Rs 1609 per share with a market capitalization of Rs 8,753 crore ($1 billion). Last month, MapMyIndia announced that its CEO and whole-time director, Rohan Verma, will step down from his executive role effective March 31, 2025. Chairman and Managing Director Rakesh Kumar Verma will continue to provide leadership at MapMyIndia.
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Microsoft-backed Indian unicorn files for bankruptcy as investor takes ₹318 cr from accounts
Inshorts
·
2m ago
Medial
Builder.ai, an AI unicorn founded by Indian entrepreneurs and backed by investors like Microsoft and Qatar Investor Authority, has filed for bankruptcy. The startup's CEO Manpreet Ratia said they took the decision as Viola Credit, which gave Builder.ai $50-million debt last year, had taken $37 million (over ₹318 crore) from the startup's accounts. The startup was once valued $1 billion.
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MapmyIndia to invest Rs 25 crore in Zepto - The Economic Times
Economic Times
·
1d ago
Medial
MapmyIndia, a digital mapping company, plans to invest Rs 25 crore in Zepto, a quick commerce startup, acquiring a 0.049% stake. This investment is part of Zepto's efforts to increase its Indian ownership by an additional 8-10% before filing for an IPO. Previously, Elcid Investments acquired a stake in Zepto for Rs 7.5 crore. The transactions aim to enhance Indian shareholder presence and prepare Zepto's cap table for its planned public listing.
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Nintendo CEO’s refusal to layoff staff goes viral following industry-wide cuts
Medial
·
1y ago
Medial
Fans are sharing the sentiments of former Nintendo CEO Satoru Iwata, who refused to lay off staff during the Wii U era despite financial struggles. This decision, which saw Iwata taking a 50% pay cut and other executives reducing their salaries by 20%, is now being praised on social media amidst the recent wave of layoffs across the gaming industry. Fans argue that other executives should follow Iwata's example in prioritizing employee well-being and job security over short-term financial gains.
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With Cainiao buyback, Alibaba takes aim at rivals' overseas advance
Reuters
·
1y ago
Medial
Alibaba has decided against spinning off its logistics subsidiary, Cainiao, and instead plans to buy full control of the company. Analysts believe this move signifies Alibaba's recognition of increased competition from e-commerce rivals Shein and Temu in overseas markets. The decision is also part of Alibaba's strategy to improve its global marketplaces and regain market share from competitors. The company aims to invest in Cainiao's global network to reduce delivery times and leverage its logistics infrastructure as a differentiator in the overseas battle.
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Former Zetwerk employees’ startup Sanlayan acquires Dexcel Electronics
Entrackr
·
6m ago
Medial
Sanlayan Technologies, a strategic electronics startup, has acquired a majority stake in Dexcel Electronics, a 20-year-old embedded systems company. This acquisition will strengthen Sanlayan’s ability to deliver advanced indigenous solutions that support national security and drive technological innovation in critical sectors such as defense, aerospace and space. Founded by former Zetwerk employees Abhijit Kothawale, Rohan Gala, and Rahul Vamsidhar, Sanlayan raised $4.4 million in its seed round last year from prominent institutional investors, including Gemba Capital, Singularity Ventures, and others. Dexcel has contributed to major defence and space projects, including Jaguar and Sukhoi aircraft upgrades and ISRO’s Chandrayaan-3 and Aditya-L1 missions. “Joining forces with Sanlayan represents a transformative step for Dexcel. This partnership will manifold our R&D investments, enabling us to deliver impactful solutions to our customers,” said Amit Kumar Sinha, CEO & Managing Director of Dexcel Electronics Designs. Rohan Gala, CEO of Sanlayan, said the investment in Dexcel will scale its core capabilities to address challenges in embedded electronic systems. Sanlayan and Dexcel will showcase their innovations at Aero India 2025 from February 10 to 14.
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