MapmyIndia Reconsiders B2C Venture Amid Investor Concerns

MapmyIndia, under the CE Info Systems umbrella, has canceled plans for a Rs 35 crore B2C venture led by CEO Rohan Verma. Verma will still oversee the company and hold an equity stake. Concerns from minority shareholders influenced the decision to not utilize MapmyIndia's CCD investment in the new company.

Amidst rising concerns from investors, the digital navigation provider MapmyIndia, operated by CE Info Systems, has decided to withdraw from investing Rs 35 crore in a forthcoming B2C endeavour.

CEO Rohan Verma, slated to spearhead this new venture, will relinquish his executive duties but maintain a board presence at the parent company. Despite investor apprehensions, MapmyIndia will secure a 10% equity share in the new business model.

The proposed venture, which will promote a retail version of the Mappls app, faced scrutiny over its financial and regulatory compatibility, as well as transparency issues concerning agreements between MapmyIndia and the new firm.

(With inputs from agencies.)