MapmyIndia’s Rohan Verma to step down as CEO, launch new B2C firm
Verma will take an executive position in the proposed new company from 1st April, 2025 onwards, and continue on MapmyIndia's board as a non-executive director.
, in an exchange filing with BSE, said that Rohan Verma will step down as the chief executive officer and whole time director of the company effective March 2025.
He will take up an executive position in a proposed new business-to-consumer (B2C) company for the development of the consumer tech business segment from April 1, 2025 onwards, in which MapmyIndia will invest Rs 35 crore in the form of Compulsorily Convertible Debentures (CCDs).
It will also make an investment of Rs 10 lakh to acquire 1,00,000 equity shares in the new venture, amounting to a 10% stake in the company.
The board also approved an investment of Rs 3 crore in the form of 1 equity share and 12,389 compulsorily convertible preference shares (CCPS) to acquire a 9.37% stake in SimDaaS Autonomy.
SimDaaS is engaged in simulation-driven development for autonomous systems, including autonomous vehicles and advanced driver assistance systems (ADAS).
MapmyIndia's board also approved an investment of Rs 2 crore through 1 equity share and 296 CCPS in one or more tranches, to acquire a 19.84% stake in Kaiinos Geo Spatial Technologies Private Limited.
Kaiinos Geo Spatial Technologies is engaged in developing intelligent systems for strategy making and execution for Geographic Information Systems (GIS) companies.
Both acquisitions are set to be completed before March 31, 2025.
Edited by Jyoti Narayan