On Friday, MapMyIndia's parent C.E. Info Systems Ltd informed stock exchanges that chief executive officer Rohan Verma would step down and start a new business-to-consumer (B2C) venture. The company will transfer its Mappls Mall and Travel app for hotel and flight booking to the new company.
MapMyIndia, which provides data to Apple Maps and Amazon's Alexa, ended FY24 with ₹379.4 crore revenue. According to co-founder, chairman and managing director Rakesh Verma, the B2C business is not more than ₹50 lakh in revenue.
Rohan Verma would own 90% of the new venture, while MapMyIndia will spend ₹10 lakh to acquire 10% equity and invest 35 crore through compulsorily convertible debentures (CCDs).
"As the consumer business requires a dedicated focus to build, Rohan Verma, CEO and executive director of MapMyIndia, proposed to the board to fund a new venture outside the company," Rakesh Verma said in a prepared statement on 1 December.
MapMyIndia shares closed 3.5% lower at ₹1,692 on Monday even as the Sensex ended 0.6% up at 80,248 points.
Diese Geschichte stammt aus der December 03, 2024-Ausgabe von Mint Mumbai.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der December 03, 2024-Ausgabe von Mint Mumbai.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
Why You Need To Sort Your Messed Up Sleep Schedule
For a healthy heart, having a fixed bed time is more crucial than the hours you sleep, claims a new study
Winter Likely To Be Mild With Fewer Cold Wave Days, Says IMD
Above-normal temperatures forecast over most of India from December to February
A little attention can build deep connections
To build a life filled with authentic relationships, be proactive, seek out like-minded people, and lend time and care to nurture your tribe
To master the deadlift, go the trap bar way
The trap bar may look clunky but it's a safe bet to practice a deadlift
Long live the revolution of life-altering AI technology
Synthetic biology could lead to several breakthroughs, including drugs that work much better on us
Mauritius is a strategic gateway for our collaboration with Africa
In Mauritius, India has a reliable and uniquely located partner that offers Indian businesses easy access to African markets
COP-29 cop-out: Clean power needs to gain further appeal
The world must help poor countries decarbonize their economies
Don't blame education gaps on policy settings
A divergence in public schooling might well have led India's economy to lag China's. But this should arguably be attributed more to complex social constraints than to any policy design
Our new political-economy consensus needs a rethink
The policies our parties agree upon are not reformist. The challenge is to chalk out an agenda that is
Honey, who shrank the chatbot? Even AI needs to count calories
Shrinkflation is old but what it's doing to artificial intelligence is new—if not all that surprising
