MapMyIndia CEO Rohan Verma recently announced a change in plans for the company’s new business-to-consumer (B2C) venture. Instead of accepting the approved initially Rs 35 crore investment from MapMyIndia’s parent company, CE Info Systems, Verma decided to use his funds for the venture after considering the concerns of minority investors. Verma’s decision comes after investor concerns were raised during a call, particularly regarding the impact on minority shareholders following the company’s move to spin off the B2C business.
Here’s what MapMyIndia CEO Rohan Verma said
Verma told The Economic Times, “MapMyIndia’s board approved an investment of Rs 35 crore through CCDs (compulsorily convertible debentures), but after hearing the concerns of minority investors, I have decided not to take the investment, and I’ll use my own funds to run this venture.”
“I want the benefits from this venture to accrue to MapMyIndia,” Verma added.
Although the investment plan has changed, Verma confirmed that MapMyIndia would still retain a 10% stake in the new venture for a token amount of Rs 10 lakh. He emphasized that the benefits of this venture would ultimately accrue to MapmyIndia.
MapMyIndia CEO Rohan Verma steps down.
In other news, Rohan Verma has announced that he will step down from his executive role effective March 31, 2025. According to the exchange filing, he will transition into a new role as a non-executive director on the company’s board.
Rohan Verma expressed optimism about the company’s strategic direction. He said, “I am excited to focus on building our consumer tech business to create more value for MapmyIndia’s users and stakeholders. This new venture will enable us to innovate and address the dynamic needs of consumers more effectively.”
