Rohan Verma Resigns as MapmyIndia CEO, Announces New B2C Venture

Editor Desk — Sun, 01 Dec 2024 07:17:23 +0000

MapMyIndia has announced that its CEO and whole-time director, Rohan Verma, will step down from his executive role effective March 31, 2025. Verma will transition to a new role as a Non-Executive Director on the company’s board.

In a stock exchange filing, MapmyIndia confirmed that Verma plans to focus on launching a new business venture exclusively targeting the B2C segment.

MapmyIndia’s board has approved an investment of Rs 10 lakh for a 10% equity stake in the new entity and an additional Rs 35 crore through Compulsorily Convertible Debentures (CCDs).

This strategic move allows MapmyIndia to maintain its focus on its core B2B and B2B2C businesses while supporting Verma’s entrepreneurial ambitions.

Chairman and Managing Director Rakesh Kumar Verma will continue to provide leadership at MapmyIndia. Under his guidance, the company aims to strengthen its position in geospatial technologies and related innovations.

The Board of C.E. Info Systems Ltd. (MapmyIndia) also approved a Rs 3 crore investment in SimDaaS Autonomy for a 9.37% stake and Rs 2 crore in Kaiinos GeoSpatial Technologies for a 19.84% stake, both through Compulsorily Convertible Preference Shares (CCPS).

MapmyIndia reported a 13.82% year-on-year jump in revenue from operations to Rs 103.67 crore in Q2 FY25. However, it registered an 8.2% drop in consolidated net profit to Rs 30.33 crore in Q2 FY25, compared to Rs 33.04 crore in Q2 FY24.

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Rohan Verma Resigns as MapmyIndia CEO, Announces New B2C Venture