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“MapmyIndia’s board approved 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,” Verma said.
However, he said that MapmyIndia will still get a 10% stake in the venture for a token amount of Rs 10 lakh.
“I want the benefits from this venture to accrue to MapmyIndia,” Verma added.
On Monday, during an investor call, brokerages and analysts raised several concerns with the company’s decision to hive off the B2C business, flagging the interests of minority shareholders.
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On Tuesday, the company’s stock price fell by as much as 8.5% to Rs 1,546.20 on the BSE.
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MapmyIndia, which is primarily a business-to-business company that provides maps data to automotive companies, technology firms and other government clients, decided it will spin off its B2C operations into a separate venture that will be headed by Verma. This would include its consumer app Mappls, which rivals Google Maps and a direct-to-consumer (D2C) vertical under which it sells gadgets such as vehicle trackers and dashboard cameras.
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