Matrix Geo is a drone-based LiDAR mapping and digital engineering firm
Despite subdued performance in the IoT segment due to restructuring, the company saw continued traction across fintech, logistics, public sector, and automotive verticals.
The investment comes just a week after Zepto raised Rs 7.5 crore from Elcid Investment at a valuation of $5.9 billion.
MapmyIndia share price: As of the March quarter, PhonePe owned an 18.7 percent stake in MapmyIndia. The planned stake sale coincides with the company’s preparations for its own public listing.
The company remains a leader in mapping and geospatial technology, with increasing adoption by both government and industry players as the key growth driver
The board clarified that the company will continue to prioritise its B2B and B2B2C segments, which currently contribute over 99 percent to revenues and present a significant growth potential
On November 29, the board of MapmyIndia had approved an investment of Rs 10 lakh for a 10% stake and further investment of Rs 35 crores as Compulsorily Convertible Debentures (CCDs) in a new company being set up by Rohan Verma.
Transfer of B2C business for a minority stake has upset investors.
Promoters have misunderstood that Rs 35 crore investment to support the B2C business is not the concern for minority shareholders. On the contrary, it is the 90 percent promoter ownership of a business that was incubated and will derive all resources from the listed company that is the concern
Investors are asking also why Rohan Verma chose not to helm the new consumer-facing business within CE Info Systems, and instead chose to float a separate company.
A new venture will now hold the company’s Mappls brand. While shareholders are justified in thinking they have been deprived of a lucrative D2C opportunity, the existing B2B and B2C businesses also hold promise.
Regarding the 10% equity in the new entity, the management said MapMyIndia is getting 10% share in the new consumer business only for Rs 10 lakh, and both companies will be able to use the Maapls brands.
The new venture will be run by Rohan Verma, the current CEO and Executive Director at MapMyIndia (CE Info Systems), with the company taking a 10% stake in the new entity and providing an additional funding of Rs 35 crore via a CCD.
MapMyIndia will sharpen its focus on its core B2B and B2B2C operations and spin off its B2C business into a new company.
The company is a leader in digital maps, geospatial software and location-based IoT (internet of things) products, offering full-stack, integrated solutions through its proprietary technology and expertise developed over 25 years.
MapmyIndia has received official board approval to establish a joint venture (JV) with Hyundai Autoever, a wholly owned subsidiary of Hyundai Kia.
The company’s position as a leader in the mapping and geospatial technology industry, and its growing adoption by the government and industry players are the key drivers
Our partnership with Zoomcar brings added convenience and freedom to travelers, said the MapmyIndia CEO.
The company plans to invest more in visibility and overall growth strategy. Therefore, it didn’t give any commitment to maintaining the 40% EBITDA margin guidance.
In the first interview with PTI after sending a legal notice to Ola Electric, MapmyIndia CEO and Executive Director Rohan Verma questioned Ola's claim that the map has been supplied by a startup Geospoc Pvt Ltd, which was acquired and became a subsidiary of ANI Technologies, based on its financial records as developing a digital navigational map of large country like India requires huge investments and expertise
Regarding Ola Electric's upcoming IPO, Aggarwal commented, "We wanted to ensure that the pricing was set at a level that would generate significant excitement among investors."
Ola Electric has called the allegations 'false and misleading'. "We will suitably respond to the notice shortly," said Ola Electric's spokesperson to Moneycontrol.
Land records in urban areas will be digitized with GIS mapping, said FM Sitharaman.
The floor price of the deal will be Rs 2,293.2 per equity share, which implies 5 percent discount from the current market price
Indian benchmark indices ended marginally higher in the volatile session on June 20. Here are some of the stocks that moved the most today.