MapMyIndia takes a u-turn, scraps decision to invest in outgoing CEO Rohan Verma’s startup | Company Business News

Indian digital map provider CE Info Systems Ltd, or MapMyIndia’s board of directors, announced on Monday, December 9, that the company will not invest in the outgoing CEO Rohan Verma’s new venture. 

“MapMyIndia’s Board has reversed its decision to make any equity or debt investment in a proposed new company. The Board will continue to explore and evaluate various opportunities in respect to B2C, while re-calibrating its investments in B2C segment,” said the company in the official statement. 

CE Info Systems Ltd (MapMyIndia) shares closed 16 per cent higher at ₹1,910 after Monday’s market session, compared to ₹1,646.60 at the previous market close. The company announced its decision through a BSE filing closer to the end of the market session. 

Earlier, the company was set to invest ₹35 crore via compulsorily convertible debentures (CCDs) in exchange for 10 per cent of Rohan Verma’s startup.