MapMyIndia, which is officially referred to as CE Info Systems Limited, is a leading technology firm in India that focuses on digital mapping, geospatial data, and location-based technologies. Established in 1995 by Rakesh Verma and Rashmi Verma, the company was at the forefront of creating sophisticated digital map solutions in India long before GPS and mapping services became widely popular.
On December 2, 2024, shares of CE Info Systems Ltd., the parent company of MapmyIndia, fell by as much as 4%. This decline followed MapmyIndia’s announcement to the exchanges regarding its acquisition of a 10% stake in a B2C venture established by Rohan Verma, the former CEO and Executive Director of the firm.
In addition to acquiring the 10% stake, MapmyIndia will also invest ₹35 crore through compulsorily convertible debentures (CCD) in this new enterprise. Verma is set to remain on the company’s board as a non-executive director starting from April 1, 2025.
The consumer division requires concentrated attention. Rohan Verma, CEO and Executive Director of MapMyIndia suggested to the board that they invest in a new venture separate from the company. This proposed consumer business aims to enhance and demonstrate MapmyIndia’s established strengths in the B2B and B2B2C markets, while specifically targeting the B2C sector, stated Rakesh Verma, Co-founder and CMD of MapMyIndia.
Rakesh Verma and Rashmi Verma, the founders of MapmyIndia, will not be involved in this new entity. “They will remain entirely committed to developing MapmyIndia with no other pursuits aside from the company and will continue to steer the firm towards new avenues of growth without any distractions,” the company remarked.
Main office in New Delhi and regional branches in Mumbai and Bengaluru, along with smaller offices throughout the country, MapmyIndia caters to a varied range of clients, including government bodies, businesses, and individual consumers. Its services encompass telematics, location-based Software-as-a-Service (SaaS), and artificial intelligence-driven Geographic Information System (GIS) technologies.
Shares of CE Info Systems Ltd. (MAPMYINDIA) declined by 4% today, reaching a low of ₹1,678.50 per share. Currently, the stock is trading at ₹1,693.35.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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