MapMyIndia CEO and whole-time director, Rohan Verma, will step down from his executive role effective March 31, 2025.
He will transition to a new role as a Non-Executive Director on the company’s board. Verma is in the process of starting a new company in the segment of B2C.
MaypMyIndia has approved an investment of ₹10 lakh for a 10 per cent equity stake in the new entity and an additional ₹35 crore through Compulsorily Convertible Debentures (CCDs).
“The Board considered & approved to make an investment of ₹10,00,000/- (Rupees Ten Lakhs only) to acquire 10 per cent stake at face value of ₹10 per share and further invest ₹35 Crores in the form of Compulsorily Convertible Debentures (CCDs) in the proposed new Company to be formed by Mr. Rohan Verma for doing the B2C business exclusively,” said the company in its filing.
The proposed investment is part of the company’s strategic initiatives to support innovative technologies, while maintaining its exclusive focus on B2B & B2B2C business.
Meanwhile, Rakesh Kumar Verma, chairman and managing director will continue to provide the leadership in MapmyIndia.Under his guidance, the company aims to strengthen its position in geospatial technologies and related innovations.
MapmyIndia reported a 13.82 per cent year-on-year jump in revenue from operations to ₹103.67 crore in Q2 FY25. However, it registered an 8.2 per cent drop in consolidated net profit to ₹30.33 crore in Q2 FY25, compared to ₹33.04 crore in Q2 FY24.