MapmyIndia drops Rs 35 Cr investment plan for Rohan Verma’s B2C venture

CE Info Systems, the parent company of MapmyIndia, has decided not to proceed with the previously announced Rs 35 crore investment in its new business-to-consumer (B2C) venture, which is being established by its outgoing CEO, Rohan Verma.

However, according to an ET report, MapmyIndia will still acquire a 10% stake in the venture for a nominal sum of Rs 10 lakh.

The company has opted to spin off its B2C operations into an independent entity, which will be led by Verma.

Entrackr has reached to Verma for more details.

This would include its consumer app Mappls and a direct-to-consumer (D2C) vertical under which it sells gadgets such as vehicle trackers and dashboard cameras.

Recently, MapMyIndia announced that its CEO and whole-time director, Rohan Verma, will step down from his executive role effective March 31, 2025. 

The Board of C.E. Info Systems Ltd. (MapmyIndia) also approved an investment of Rs 10 lakh for a 10% equity stake in the Verma’s new entity and an additional Rs 35 crore through Compulsorily Convertible Debentures (CCDs).

MapmyIndia reported a 13.82% year-on-year jump in revenue from operations to Rs 103.67 crore in Q2 FY25. However, it registered an 8.2% drop in consolidated net profit to Rs 30.33 crore in Q2 FY25, compared to Rs 33.04 crore in Q2 FY24.