MapmyIndia (CE Info Systems) reaffirms its commitment to its core B2B and B2B2C businesses, which contribute over 99% of its revenue. The company will continue to focus on these sectors, leveraging its leadership position and strong growth potential.
The board has decided to reverse its earlier plan for equity or debt investment in a new company. However, it remains open to exploring opportunities in the B2C space, while strategically recalibrating its investments in this segment.
MapmyIndia retains ownership of its retail brand, Mappls, and its associated apps. The company is dedicated to maximizing shareholder value and achieving its long-term business goals through sustained growth and profitability in its primary markets.
Recently, the firm stated that its CEO, Rohan Verma, will step down to pursue an independent venture in which MapMyIndia will possess a 10% stake.
The management of CE Info Systems stated in an interview with CNBC-TV18 on Tuesday, December 3, that Rohan Verma’s personal funds will be used to operate the consumer business and that MapMyIndia will have the opportunity to invest ₹35 crore in the firm through Compulsory Convertible Debentures (CCDs). The value of the 10% stake in MapMyIndia would be ₹10 lakh.
The management also stated that the B2C company will continue to grow, with an annual cash burn rate of ₹30 crore. They further stated that MapMyIndia will not provide money to the new entity.
