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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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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 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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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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Angel One to invest Rs 400 cr in life insurance JV with Singapore's Livwell
Economic Times
·
16d ago
Medial
Angel One announced a joint venture with Singapore's Livwell Holding Company to invest at least Rs 400 crore in a 'digital-first' life insurance company. Angel One will hold a 26% stake, while Livwell will hold 74%. The venture aims to address India's underinsurance by leveraging Angel One's digital reach. Former Prudential Asia CEO Wilf Blackburn is proposed as chair, with Nikhil Verma, ex-deputy CEO of Aviva Vietnam, as CEO.
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Developments at MapmyIndia turn the spotlight on corporate governance, say analysts
YourStory
·
8m ago
Medial
MapmyIndia's plan to invest ₹35 crore in its former CEO's B2C venture is unlikely to repair the company's reputational damage or address deeper governance issues, according to analysts. The issue arises from the investment structure where the CEO would keep a 90% ownership of the venture while receiving significant funding from the listed company. This raises concerns among shareholders about the misuse of company funds. Analysts suggest alternative solutions like demerging the business or spinning off the venture as a subsidiary to ensure proper accountability and transparency. The controversy has resulted in a decline in CE Info Systems' shares.
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MapmyIndia Promoter Rakesh Verma To Offload 5 Lakh Shares Of Co
Inc42
·
1y ago
Medial
Entrepreneur Rakesh Verma currently holds a 42.84% stake, or approximately 2.32 crore shares, in MapmyIndia. Meanwhile, the company's promoters collectively possess a majority stake of 52.91%. Recently, the stock has experienced significant growth following Goldman Sachs' positive coverage and subsequent 'buy' rating.
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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, Hyundai AutoEver To Form JV To Integrate Maps For South East Asia
Inc42
·
9m ago
Medial
MapmyIndia has announced a new joint venture with Hyundai AutoEver in Indonesia called PT Terra Link Technologies. MapmyIndia will invest $4 million to acquire a 40% stake in the JV, while Hyundai AutoEver will hold the remaining 60%. Additionally, MapmyIndia's board has approved an investment of $0.5 million in its subsidiary CE International.
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Childhood friends build social travel startup, earn ₹12 cr revenue
Inshorts
·
6m ago
Medial
Rohan Verma and Shubhangi Pandey, childhood friends from Lucknow, transformed their love for travel into JustWravel, a Noida-based social travel startup. Launched in 2016 with ₹6 lakh, it reported ₹12 crore in revenue in the last FY. It offers budget-friendly fixed-departure group trips to 50+ domestic and international destinations, creating a community-focused travel experience for the youth.
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