MapMyIndia CEO Rohan Verma to Resign, Launch New Venture

Bengaluru-based digital mapping startup MapMyIndia's parent company, C.E. Info Systems Ltd, revealed in a stock exchange filing on November 29 that its Chief Executive Officer, Rohan Verma, will step down to launch a business-to-consumer (B2C) venture.

Invest in Indian Markets and Unlock Future Potential With 5paisa!

Open Account Now

Market Impact: Following the announcement, MapMyIndia share price dropped 8.92%, closing at ₹1,538.65 on Tuesday compared to ₹1,689.30 from the previous session. The decline began on Monday, with shares falling 3.5% after the news broke, as earlier reported by Mint.

Regulatory Compliance: Under regulatory guidelines, Verma is required to relinquish all executive roles at MapMyIndia but will remain on the board as a Non-Executive Director starting April 1, 2025, according to the filing.

Investment Reversal: Initially, MapMyIndia had planned to invest ₹35 crore in the new B2C venture through compulsorily convertible debentures (CCDs). However, on Tuesday, the company reversed this decision. Rohan Verma told The Economic Times that the investment plan was shelved after concerns were raised by minority investors. Instead, Verma plans to fund the venture personally.

Despite this change, MapMyIndia will still hold a 10% stake in the new entity for a nominal investment of ₹10 lakh. “I want the benefits of this venture to flow to MapMyIndia,” Verma explained.

Business Restructuring: The upcoming B2C entity will leverage MapMyIndia's retail brand, Mappls, while the parent company will retain its focus on B2B2C and B2G2C offerings. Products like Mappls Mall and Travel, along with Mappls gadgets, will transfer to the new venture and will be marketed directly to consumers via e-commerce platforms.

Operational Independence: Per the filing, the new business will function independently and bear all associated costs, including personnel, marketing, and cloud services. However, MapMyIndia will retain access to anonymized data from the Mappls app to enhance its mapping services.

Focus on Consumer Segment: The new venture aims to highlight MapMyIndia’s strengths in B2B and B2B2C sectors while exclusively targeting the B2C market. “The proposed consumer business will complement and showcase MapMyIndia’s core market strengths,” noted Rakesh Verma, Chairman and Managing Director of MapMyIndia, in a statement issued on December 1.

Disclosure on Founders’ Involvement: The filing also confirmed that MapMyIndia’s founders, Rakesh Verma and Rashmi Verma, will not participate in the new venture. This allows Rohan Verma to focus entirely on building the B2C business.