MapMyIndia cancels investment in CEO Rohan Verma’s startup, to shift focus to…

MapMyIndia has unexpectedly reversed its decision to invest in outgoing CEO Rohan Verma’s startup, leaving the market and investors curious about the company's future direction.

By: MD IJAJ KHAN
| Updated on: Dec 09 2024, 18:48 IST
5 Google Maps features that are not available in India
MapMyIndia
1/6 Google Maps is the most popular navigation app that is used in over 220 countries. It gives real-time traffic, navigation and transit details based on the country of the user. There are many features of Google Maps that are available in other countries and not in India. Here’s a look at some of them:
MapMyIndia
2/6 Google launched the search with live view feature in September last year. This feature facilitates the search functionality with augmented reality. The users can use their smartphone cameras to take a visual tour of the route through floating arrows by using the Live View AR feature of Google Maps. The Live View AR feature displays the relative location of landmarks more accurately. For instance, for visiting the Camp Nou stadium in Barcelona, users can open the Live View AR feature on their smartphone and reach the location by following the visual guide. According to Google, currently the feature is accessible in London, Los Angeles, New York, San Francisco, Paris and Tokyo. It is coming soon to Barcelona, Dublin and Madrid. (Pixabay)
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3/6 The Indoor Live View feature is the extension of the outdoor live view. Similar to outdoor live view that helps in locating outdoor landmarks, the indoor live view helps users in navigation inside malls, train stations and airports. As per Google, the indoor view feature is available in more than 1,000 new airports, malls and train stations across  Barcelona, Berlin, Frankfurt, London, Madrid, Melbourne, Paris, Prague, São Paulo, Singapore, Sydney, and Taipei.
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4/6 Immersive view feature was launched by Google last year for enabling users to look at the multi-dimensional views of an area along with the details such around traffic, weather and busyness. Google maps uses predictive modeling technology to find the historical information about a place and predict how the area will be like the next day, in the coming week and month. For instance, a user can go to the immersive view option to look at the details about the traffic status, peak hours, entry timings and the views of Red Fort and plan their visit accordingly. The time slider within the feature will allow them to view how the monument appears during different times of a day. Users can also check out the nearby restaurants and hotels before visiting the place. The immersive view feature is available in Los Angeles, London, New York, San Francisco and Tokyo on Android and iOS.
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5/6 By using Google Maps eco-friendly route feature, the users can travel to their desired destinations by taking an eco-friendly route. Google Maps enabled eco-friendly routing system uses the AI and information from local authorities for determining the fastest and most fuel efficient travel route for users. The feature also allows users to compare between two routes based on fuel-efficiency and travelling time and select accordingly. Google Maps eco-friendly route feature is available in US, Canada and 40 other countries in Europe. 
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6/6 Google introduced the lite navigation feature for cyclists under its eco-friendly navigation initiative. Lite navigation enables cyclists to travel without the need of filling details of navigation and cycle with ease without touching their phones. Lite navigation helps cyclists in keeping track of details like trip progress, elevation of route and real-time ETA updates without the need of entering turn by turn navigation details. 
MapMyIndia
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MapMyIndia reverses decision to invest in outgoing CEO Rohan Verma's startup after investor concerns.

In an unexpected turn, MapMyIndia has announced that it will not proceed with its planned investment in the startup founded by its outgoing CEO, Rohan Verma. The decision, revealed on December 9, follows a shift in the company's strategy concerning its business operations.

MapMyIndia's Investment Decision Reversed

MapMyIndia's Board of Directors stated that it would no longer make any equity or debt investment in Verma's new venture. "The Board has decided to recalibrate its investments in the B2C segment while continuing to evaluate other opportunities in this space," the company said in an official statement. This shift comes after MapMyIndia had previously approved an investment plan to inject Rs. 35 crore through compulsorily convertible debentures (CCDs) into the startup, which would have secured a 10 percent stake.

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The company's announcement caused a notable rise in its stock price, with shares closing nearly 16 percent higher at Rs. 1,910, up from Rs. 1,646.60 at the previous session's close. The decision to withdraw the investment came late in the market session, following a filing with the Bombay Stock Exchange (BSE).

Rakesh Verma, Chairman and Managing Director of MapMyIndia, emphasized that both the November 29 and December 9 decisions were made with the company's and shareholders' interests in mind. "These steps have been taken to ensure the best outcomes for the company and its shareholders, including minority shareholders," he said.

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Focus Shifts to B2B Segments

Looking ahead, MapMyIndia will focus on strengthening its presence in the B2B and B2B2C segments, which account for over 99 percent of the company's revenue. These areas are seen as critical for future growth, as outlined in the company's statement.

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Initially, the company had planned to invest Rs. 35 crore into Verma's startup, which operates in the B2C sector. However, after receiving concerns from minority investors, Verma decided to self-finance the venture. "I will use my own funds to run the startup instead," Verma explained in a statement to The Economic Times on December 3.

Verma, who will step down as CEO by April 1, 2025, is set to continue serving on the board as a Non-Executive Director.

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First Published Date: 09 Dec, 18:47 IST
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