MapmyIndia acquires 9.35% stake in AI startup SimDaaS
The investment worth Rs 3 crore is part of MapmyIndia’s strategic initiative to help bolster its business portfolio.
Location-based technology provider MapmyIndia on Monday informed Indian exchanges that it has completed acquiring a 9.37% stake in SimDaaS Autonomy, a testing and simulation solution provider for autonomous vehicles.
The acquisition was first approved by the company’s board of directors in November last year.
MapmyIndia will invest Rs 3 crore in a mix of equity shares and compulsorily convertible preference shares (CCPS) in SimDaaS. The acquisition is expected to bolster MapmyIndia’s business portfolio, the company said in a statement.
According to a BSE filing, the company invested Rs 2,194.25 in equity and the remaining in CCPS having a face value of Rs 2,194.25 each.
Founded in 2023, Kanpur-based SimDaaS has not raised any previous equity funding, according to data website Tracxn.
The acquisition comes days before MapmyIndia is set to disclose its third quarter results on January 29.
MapmyIndia, in December, was in trouble with investors after it disclosed plans to invest Rs 35 crore in the business-to-consumer (B2C) venture of its outgoing CEO, Rohan Verma.
Many analysts had pointed out that the structure would mean any profits will benefit the promoter, while the listed company and MapmyIndia’s parent entity, CE Info Systems, will bear the operational costs and risks.
However, a few days later, amidst criticism from investors and industry experts, the company reversed its decision to make any equity or debt investment into the proposed B2C venture.
Edited by Megha Reddy