According to a media report, Breathe Well-being, situated in Delhi NCR, laid off over 100 workers during a reorganisation exercise last week. According to the report, the startup’s inability to secure new investment and its short six- to one-year runway were the reasons for the layoffs. The reorganisation exercise may have affected up to 120 people. Nevertheless, the business has laid off 90 of the 290 workers in its India unit, cofounder and CEO Rohan Verma told a media outlet. He also denied the claims of a lack of funds, stating that a new round of funding has been closed by the startup and would be revealed shortly. The report stated that the sales team was particularly hit by the layoffs, which affected workers in a variety of departments, including marketing, technology, and human resources. Nearly three years have passed since a media outlet exclusively revealed that Breathe Well-being had let go of about fifty workers.
Shifting Focus to US Market
The US market will now be the primary focus of Breathe Well-being. They said that, aside from the US, it has ceased onboarding new users in Africa, Australia, New Zealand, India, and other markets. In India and other nations, they have been having problems with prices. After serving the current clientele, they plan to shut down within the next six months. They will concentrate on the US market as it is producing results, according to one of the sources. In response, Verma stated that the firm has chosen to concentrate on international markets, particularly the United States. Breathe Well-being, which was founded in 2020, aids in the prevention, treatment, and reversal of Type 2 diabetes. It asserts that it provides a simple yet efficient substitute for medications to do this. According to Verma, the business is helping the affected employees find jobs and offers career counselling in addition to severance money.
Financial Report
In its most recent pre-Series B funding round, which was co-led by 3one4 Capital, Accel, and General Catalyst, the business raised $6.1 million. Supermorpheus and FounderBank Capital also participated in the fundraising round. The business has raised more than $10 million thus far, and its backers include Y Combinator and Scott Shleifer, the former CEO of Tiger Global.
About Breathe Well-Being
Breathe Well-being’s digital therapeutics program helps people lose weight and prevent or manage chronic lifestyle disorders. Users are able to follow the lifestyle program from the comfort of their own homes because it is remotely supplied via phone and mobile app. Breathe Well-being was founded by Aditya Kaicker and Rohan Verma, and it has shown promise in helping patients reduce or stop taking medication for lifestyle diseases, including Type 2 Diabetes, lose weight, and develop long-term healthy habits. The business is searching for ways to enhance its sales procedures in order to increase the number of people who sign up after the brand’s one-week free trial.
With an unmatched focus on India’s diverse geographic needs, MapmyIndia has developed a comprehensive mapping platform that goes beyond traditional road navigation. From automotive solutions to smart city applications, their products and services cater to industries like fleet management, real-time traffic monitoring, e-commerce, and government sectors.
MapmyIndia’s dedication to accuracy, local relevance, and amazing technology has earned it a strong market position, distinguishing it from global competitors. With a firm belief in empowering users, MapmyIndia is committed to continuing its expansion across India and beyond, shaping the future of location-based services.
In this StartupTalky article, we’ll take a deeper look into MapmyIndia’s startup journey, business model, revenue model, funding, IPO, strategic investments, and vision for global and technological expansion.
MapmyIndia is a pioneering Indian technology company focused on creating advanced digital mapping and location-based solutions. Since its start in 1995, the company has grown significantly and now offers a suite of services including high-quality digital maps, telematics solutions, location-driven SaaS products, and cutting-edge GIS and AI technology. With its main office in New Delhi, MapmyIndia also operates regional hubs in Mumbai and Bengaluru, along with a network of smaller offices throughout India. On the international front, MapmyIndia has established a presence in the San Francisco Bay Area and Tokyo, furthering its global reach and influence in the digital mapping space.
MapmyIndia – Industry
The Indian geographic information system (GIS) market is on a strong upward trajectory, with a valuation of $547.3 million in 2023 and an anticipated compound annual growth rate (CAGR) of 13.5% through 2032. This growth is largely driven by the increased adoption of advanced GIS solutions across sectors such as agriculture, military, real estate, and transportation, each benefiting from the enhanced data insights and precision that GIS technology provides.
In terms of market composition, GIS in India spans three key segments: hardware, software, and services. At present, software dominates the market share, reflecting the high demand for GIS applications that help organizations visualize, analyze, and interpret spatial data.
Advancements in artificial intelligence (AI), cloud computing and the Internet of Things (IoT) are further boosting the appeal and versatility of GIS technology. These innovations are making GIS more powerful and accessible, offering businesses more ways to integrate spatial data into their operations. As these technologies continue to evolve, GIS solutions are expected to become increasingly critical for data-driven decision-making across both public and private sectors in India.
MapmyIndia – Founders and Team
Rakesh Verma
Rakesh Verma – Founder and Chairman, MapmyIndia
Rakesh Verma, Co-founder, Chairman, and Managing Director of MapmyIndia, has played a pivotal role in shaping the digital mapping landscape in India. Alongside his wife, Rashmi Verma, he co-founded CE Info Systems in 1995, inspired by the possibilities of Geographic Information Systems (GIS) to revolutionize data access and mapping in India.
With a background in mechanical engineering from the Birla Institute of Technology and Science (BITS), Pilani, and an MBA from Eastern Washington University, Verma initially built a successful career with General Motors in the U.S. before deciding to return to India. In 1993, his introduction to GIS sparked a vision for India’s digital mapping potential—a vision he was determined to realize. Under his leadership, MapmyIndia undertook the ambitious project of creating India’s first comprehensive digital map, laying the groundwork for the company’s future as a leader in digital maps, location-based solutions, and GIS technology.
Verma’s expertise and contributions earned him an appointment to the Government of India’s Committee on Geographical Information Systems (GIS), further solidifying his influence in the field. His journey highlights a commitment to innovation and to advancing India’s technological landscape.
Rashmi Verma
Rashmi Verma – Co-founder and CTO, MapmyIndia
Rashmi Verma, co-founder & CTO of MapmyIndia, has had an extraordinary career shaped by a deep commitment to technology and a desire to make a difference. An alumna of IIT Roorkee, where she earned her Bachelor’s in Engineering with Distinction in 1977, she went on to pursue an MS from Eastern Washington University in 1979. Her early career was marked by rapid growth at IBM in the U.S., where she rose from Software Engineer to consultant for IBM Global Business Services.
Despite her success in the U.S., Rashmi chose to leave a well-established career to follow her vision of bringing advanced IT solutions to India. Alongside her husband, Rakesh Verma, she co-founded CE Info Systems in the early 1990s, driven by her extensive technical experience and a passion for innovation. Her background with IBM gave her a strong foundation in the latest software technologies, which proved invaluable as she embarked on her entrepreneurial journey.
Beyond her work in technology, Rashmi is a frequent speaker at women’s business leadership events, where she encourages other women to pursue their entrepreneurial dreams. She and her husband live in New Delhi and they have two children, both accomplished in their respective fields. Rashmi Verma’s journey is an inspiring example of how determination and vision can bring about transformative change.
Rohan Verma is the CEO and Executive Director of MapmyIndia. While still studying at Stanford University, he played a key role in the creation of MapmyIndia. Rohan holds a Bachelor of Science (BS) in Electrical Engineering from Stanford University and an MBA from London Business School (2013-2015).
In addition to his work at MapmyIndia, Rohan has served as an advisor and investor for Visit Health and as a board member at Cholamandalam Investment and Finance Company Limited.
In December 2024, Rohan Verma announced his decision to step down as CEO of MapmyIndia to start a new B2C venture. He will continue as a Non-Executive Director on MapmyIndia’s board starting in April 2025.
MapmyIndia – Startup Story
Rakesh and Rashmi Verma co-founded MapmyIndia in 1995, with a vision to create India’s first digital mapping and GPS navigation service. Driven by the stark realization that India’s map data hadn’t been updated since the colonial era, the Vermas identified a critical need for comprehensive, accurate mapping solutions in the country. Although they initially approached the government for geographical data, they encountered bureaucratic roadblocks. This challenge prompted them to build a mapping database themselves—pioneering the use of both digital tracing and physical surveys.
The couple began their venture from a small three-bedroom apartment in New Delhi. They used a unique approach that combined top-down and bottom-up strategies. They digitally traced all available paper maps while conducting extensive field surveys to capture granular details that no digital maps in India yet had. This Herculean effort involved over 400 surveyors who trekked through cities and villages, manually gathering data to create a precise digital map of India.
Their journey officially took off with Coca-Cola as MapmyIndia’s first enterprise client, helping the beverage giant define precise distribution territories, an invaluable service at a time when accurate local maps were scarce. Soon, other major companies like Marico, Hindustan Unilever, and the Indian Defense Services followed suit. By the early 2000s, MapmyIndia’s enterprise client base expanded to 500, providing vital mapping services for logistics, telecommunications, and defense.
Over 25 years, MapmyIndia’s database has evolved to cover over 10.54 million unique destinations, 2 million kilometers of road, and 7068 cities with street-level data. The platform also includes house-level data for 80 cities, comprehensive mapping of 600,000 villages, and 3D landmarks in 86 cities. Today, MapmyIndia stands as India’s leading provider of location technology, offering an extensive API stack, IoT devices, mobile applications, and navigation tools that challenge global players like Google. The Vermas’ vision has transformed MapmyIndia into a critical asset for businesses, government agencies, and individual users, marking it as a pioneer in India’s digital transformation in geospatial technology.
MapmyIndia – Mission and Vision
MapmyIndia’s mission and vision reflect a commitment to making the world a better place through advanced location technology, IoT, and mapping solutions. With a strong focus on India, MapmyIndia delivers localized products and services that consider the unique cultural and geographical diversity of the country. Their deep understanding of India’s people, languages, and regional nuances enables them to develop tools that are both highly effective and culturally resonant.
A core part of their mission is to empower users by providing accessible, intuitive solutions that help them navigate and address daily challenges—whether in logistics, personal navigation, or enterprise needs. MapmyIndia’s dedication to continuous innovation underscores its commitment to solving evolving problems, staying ahead in the geospatial and mapping industry, and enhancing its technology to offer best-in-class solutions.
Through these efforts, MapmyIndia aims not only to lead in India but also to set a global standard for impactful, user-focused technology that leverages maps and location intelligence to improve everyday life.
MapmyIndia – Name, Tagline and Logo
MapmyIndia Logo
MapmyIndia’s logo, with its dynamic font and vibrant hues, represents innovation and progress in geospatial technology. The design symbolizes a modern and comprehensive approach to mapping, to convey the company’s mission to connect people, businesses, and governments through precise and user-centric mapping solutions.
Tagline: “Not just roads, we take you to doors.” This tagline perfectly describes MapmyIndia’s commitment to providing precise, hyperlocal mapping and navigation solutions. It emphasizes its focus on detailed, last-mile connectivity, ensuring seamless navigation not only through roads but also to exact doorsteps, reflecting the company’s drive for accuracy and usability.
MapmyIndia – Business Model
With a broad portfolio of services, MapmyIndia serves a wide array of clients across industries, from private companies in logistics and banking to public-sector organizations in transportation and emergency response. Their multi-layered service structure—MAAS, SAAS, PAAS, and DAAS—demonstrates MapmyIndia’s versatility and strategic alignment with diverse market needs, establishing them as a comprehensive provider in the location intelligence and geospatial technology space.
1. MAAS – Maps-as-a-Service MapmyIndia provides comprehensive mapping solutions to support businesses across multiple sectors. By offering their extensive digital maps as a service, MapmyIndia powers navigation and location-based services for automotive, fleet management, and mining companies. These maps are frequently used in school bus tracking, eCommerce deliveries, and paint companies to optimize operations with accurate and updated geographic data.
2. SAAS – Software-as-a-Service The company’s SAAS solutions focus on specialized software applications built around geospatial data. These solutions serve sectors like video telematics for real-time surveillance, banking and NBFCs for location-based customer services, and government organizations for applications like GPS installations, real-time traffic monitoring, and emergency response systems. Additionally, EV charging stations leverage MapmyIndia’s SAAS to help users locate nearby charging points, facilitating the growing electric vehicle ecosystem.
3. PAAS – Platform-as-a-Service As a PAAS provider, MapmyIndia offers robust geospatial platforms that support diverse applications. Ecommerce platforms and state transport organizations benefit from these platforms for optimizing logistics and managing real-time traffic updates. They also extend services to property tax assessment, providing accurate location data and helping municipal corporations assess and track property values.
4. DAAS – Drone-as-a-Service MapmyIndia’s drone services (DAAS) are tailored for industries such as mining for land surveying and state police for emergency and real-time surveillance. Drones provide valuable data to support property tax assessments, helping governments and local bodies achieve accurate property mapping.
5. Consumer Gadgets and Devices MapmyIndia caters to end consumers by offering GPS-enabled gadgets and devices that provide navigation solutions tailored for personal use.
MapmyIndia has expanded its range of services, offering a comprehensive API stack that powers geo-locational functionality in various applications. This API suite supports app developers across sectors—examples include OLX, Flipkart, and accessibility apps for the visually impaired. The stack enables advanced navigation, tracking, telematics, and location-based analytics, with use cases extending to smart parking systems and personalized maps.
To enhance accessibility, MapmyIndia adopted a freemium model for its API stack. Rohan Verma, the CEO of MapmyIndia explained that going freemium was a strategic choice to broaden reach and adoption. With this model, MapmyIndia has observed significant growth in developers using its APIs, contributing to a notable increase in user base and customer engagement. Currently, the company boasts over 5,000 enterprise customers, holds an impressive 80% market share in the location intelligence sector, and supports more than 2,000 SaaS customers who utilize its platforms for fleet management and location analytics.
MapmyIndia has also diversified into several specialized initiatives:
CBDT Collaboration: The company assists the Central Board of Direct Taxes (CBDT) by mapping transactions to better assess taxable income based on locational data. By linking geographic information to PAN card data, the initiative aims to expand India’s taxpayer base.
SBI Finder App: This app aids users in locating SBI ATMs, PoS, branches, and fuel stations with cash points, showing MapmyIndia’s reach in fintech applications.
Safety and Tracking Solutions: The company has developed devices like Safemate, a compact IoT-enabled safety tracker ideal for personal security, especially for women and children. DriveMate, another key offering, is a plug-and-play GPS tracker for vehicles, compatible with most car models. DriveMate provides real-time data on vehicle status, such as speed, location, battery health, and engine activity.
Smart City & Swachh Bharat Initiatives: In Ambala, MapmyIndia implemented a GPS-guided biometric system to track municipal staff and sanitation workers, contributing to urban management under the Swachh Bharat mission.
Acquisition of VIDTEQ: MapmyIndia acquired VIDTEQ, a Bengaluru-based video mapping innovator, adding video-based route visualization. This acquisition enables users to view route previews within city areas, enhancing route-planning options and user experience.
Through these ventures, MapmyIndia remains at the forefront of India’s digital mapping and geolocation ecosystem, establishing itself as a critical player in government, safety, urban planning, and consumer applications, while continuously innovating to drive greater value in location-based technologies.
MapmyIndia – IPO
The successful IPO launch of MapmyIndia marked a significant step in its growth journey, providing the company with the capital to expand its innovative mapping and geospatial services.
MapmyIndia IPO is a book-built issue of INR 1,039.61 crores. The issue is entirely an offer for the sale of 1.01 crore shares.
MapmyIndia IPO bidding started on December 9, 2021, and ended on December 13, 2021. The allotment for MapmyIndia IPO was finalized on December 16, 2021. The shares were listed on BSE, and NSE on December 21, 2021.
MapmyIndia IPO price band was set at INR 1000 to INR 1033 per share. The minimum lot size for an application was 14 shares. The minimum amount of investment required by retail investors was INR 14,462.
MapmyIndia – Challenges Faced
Competitive Landscape
MapmyIndia operates in a competitive landscape, contending with established players like Google Maps and Apple Maps, as well as emerging competitors in the IoT-powered GPS device sector. Automakers are increasingly looking to develop proprietary mapping solutions, adding another dimension to MapmyIndia’s competition.
Despite its achievements, MapmyIndia has encountered skepticism from those who argue that India lacks a “map-reading culture.” Such views suggest that while GPS and digital maps are widely accepted, traditional map reading isn’t deeply ingrained in Indian users. Nevertheless, MapmyIndia has persisted in developing and localizing its offerings to cater specifically to India’s unique market dynamics, proving that mapping services can indeed thrive with the right approach and adaptation.
Proprietor Value
MapmyIndia has also faced legal challenges, including a high-profile dispute with Ola Electric over alleged breaches of licensing terms. The issue arose when MapmyIndia accused Ola Electric of duplicating its APIs and SDKs to create Ola Maps, which MapmyIndia claims violates their license agreement. Such disputes highlight the proprietary value of MapmyIndia’s mapping technology and the company’s commitment to safeguarding its intellectual property.
Building precise, reliable maps is a complex endeavor that requires significant time, investment, and expertise. MapmyIndia’s top-down and bottom-up approach, which combines digital tracing and extensive field surveys, underscores the resources and commitment necessary to maintain accurate and updated maps for a country as vast and diverse as India. Through this rigorous process, MapmyIndia has cultivated a rich repository of geographical data, enabling it to compete effectively while carving out a unique identity in the industry.
Providing accurate and efficient last-mile logistics solutions
Last-mile delivery demands customized, hyperlocal maps that account for variables like vehicle type, driver behavior, and real-time road conditions—factors critical for quick commerce and timely deliveries. Unlike standard consumer navigation apps, which lack this level of specificity, MapmyIndia must create maps that integrate machine-learning-based affinity navigation to guide drivers effectively, factoring in faster routes, traffic patterns, and even road safety concerns. The nuanced doorstep address system, potholes, and other localized issues also require constant adaptation to ensure optimized and safe delivery routes.
MapmyIndia – Funding and Investors
MapmyIndia has raised a total funding of $44.4M over 5 rounds.
MapmyIndia has made investments in the following companies:
Announced Date
Name
Funding Round
Money Raised
Feb 09, 2023
Indrones
Seed Round
$849K
Sep 06, 2023
KOGO
Corporate Round
$2.83M
Aug 8, 2022
Nawgati
Corporate Round
$427M
Feb 7, 2022
Chargeup
Seed Round
$9.56M
Aug 04, 2022
Cusmat
Seed Round
$4.22M
Jan 07, 2022
PupilMesh
Seed
$67K
Jan 15, 2021
RoaDo
Seed
$329M
Sep 28, 2021
Inventa
Seed
$835K
Jul 09, 2018
Glasswing
Seed
$2.35M
Apr 10, 2018
Zuppa
Seed
$1.6M
May 27, 2016
Visit
Seed Round
$7.79M
MapmyIndia – Mergers and Acquisitions
MapmyIndia has acquired the below two companies:
Acquiree Name
Date
Price
Transaction Name
Gtropy
March 04, 2022
—
Provider of GPS-based fleet management solutions
VIDTEQ India
Apr 17, 2017
$360K
VIDTEQ India acquired by MapmyIndia
MapmyIndia – Growth
Quarterly Decline Amid Strategic Realignment
In Q1 FY25, MapmyIndia experienced a 6% decline in its consolidated profit after tax (PAT), down to INR 35.9 Cr from INR 38.2 Cr in the prior quarter, driven by the ramp-down of older automotive original equipment (OE) customer programs and adjustments in its IoT-focused business. Operating revenue also saw a 5.1% decline, reaching INR 101.5 Cr. However, year-over-year (YoY) figures showed a positive trajectory, with PAT rising by 12.1% and operating revenue by 13.5%, indicating long-term growth.
MapmyIndia Financials
FY23
FY24
Total Operating Revenue
INR 253.85 crore
INR 315.61 crore
Total Expenses
INR 146.08 crore
INR 178.89 crore
Profit/Loss
INR 143.15 crore
INR 177.11 crore
MapmyIndia Finacials 2024
In FY23, MapmyIndia earned INR 253.85 crore in revenue and spent INR 146.08 crore, making a profit of INR 143.15 crore. In FY24, its revenue grew to INR 315.61 crore, while expenses increased to INR 178.89 crore, resulting in a profit of INR 177.11 crore.
MapmyIndia strategically shifted its IoT-led business focus towards higher-margin SaaS services over hardware sales, supporting its map-led business, which grew 17.2% and bolstered EBITDA margins to 50.1%. The IoT-led segment, focusing on SaaS, surged by 89.6% in revenue. Chairman Rakesh Verma noted that these efforts increased MapmyIndia’s market reach, especially in AI-driven data analytics and consulting services.
Diverse Vertical Growth and Key Partnerships
The company divides revenue across automotive & mobility tech (A&M) and consumer tech & enterprise digital transformation (C&E), with both showing notable YoY growth. A&M grew by 9.5% to INR 45 Cr, driven by partnerships with automotive brands like Mahindra and BYD, while C&E revenue rose by 16.9% to INR 56.5 Cr, supported by major projects such as the UP Police’s Dial 112 and collaborations in e-commerce and delivery efficiency solutions.
Minor Stake Losses and Continued Growth Outlook
In addition to its core performance, MapmyIndia reported a share of losses from its investments in KOGO and Indrones, with losses of INR 38 Lakh and INR 18 Lakh respectively. Despite these setbacks, CEO Rohan Verma affirmed the company’s ongoing growth across various customer segments, highlighting its readiness to capitalize on new customer acquisitions and expand use cases within its sectors, including automotive, fleets, and government services.
MapmyIndia – Advertisements and Social Media Campaigns
Challenge of Market Dominance and Consumer Outreach
MapmyIndia is actively strategizing to counter Google Maps’ stronghold in the Indian digital maps space, driven by increasing smartphone adoption and affordable data. Founded by Rakesh and Rashmi Verma in 1995, the company is leveraging national pride with campaigns like ‘Har Ghar Tiranga’ and ‘Meri Maati Mera Desh’, which highlight flag hoisting sites, memorials, and gardens across India in its Mappls app.
MapmyIndia Har Ghar Tiranga Campaign
In addition to patriotic campaigns, MapmyIndia is focusing on strengthening its user base through a revamped app and the introduction of digital addresses nationwide. The company recognizes that the Indian market has matured and now sees an increased demand for reliable, homegrown digital maps. CEO Rohan Verma acknowledges the need for a more aggressive marketing push, stating the importance of investing in campaigns to increase brand visibility and consumer reach. The challenge lies in not only enhancing the app’s features but also ensuring that MapmyIndia reaches a broader audience willing to engage with and adopt its mapping services amidst fierce competition.
MapmyIndia – Awards and Achievements
MapmyIndia has earned numerous prestigious awards and recognitions, underscoring its excellence and innovation in the digital mapping and location technology sectors.
Auto Bild Golden Steering Wheel (2010): Best Product/Service for their MapmyIndia VX140 GPS navigator.
Apollo-CV Truck Application Builder of the Year (2015): MapmyIndia received the Truck Application Builder of the Year award at the 6th edition.
Inc India 500 Certificate of Excellence (2013): This award acknowledged their sustained expansion and outstanding performance in the competitive technology landscape.
AatmaNirbhar Bharat App Innovation Challenge: Presented by the Government of India to support India’s vision of self-reliance and technological advancement.
MapmyIndia – Competitors
MapmyIndia faces competition from several existing and emerging competitors. Some of them are as follows:
Google Maps
OpenStreetMap
Mapchart.net
Waze
Sygic
OsmAnd
HereWeGo
MapmyIndia – Future Plans
MapmyIndia is charting an ambitious path toward an INR 1,000 crore revenue target by FY27-28, with the IoT business poised for an impressive tenfold expansion and other sectors expected to grow three to six times. As part of its international vision, MapmyIndia is taking its innovative solutions to new markets across Southeast Asia and the Middle East & North Africa. The company is also investing in full-stack drone capabilities through Indrones Solutions, pushing forward in drone manufacturing and data analytics.
With a SaaS-driven IoT model expected to see significant growth over the next five years, MapmyIndia is doubling down on its automotive OEM partnerships, which are set to be instrumental in hitting its revenue goals. Meanwhile, increased involvement with the ONDC ecosystem, digitization of land records, and advanced GIS solutions for urban planning signal MapmyIndia’s commitment to supporting India’s digital and infrastructural evolution.
FAQs
What is MapmyIndia?
MapmyIndia is an Indian company offering digital maps, navigation, GPS tracking, and location-based services for businesses and consumers.
Who are the owners of MapmyIndia?
Rakesh Verma and Rashmi Verma founded MapmyIndia and are its owners.
Who are the main competitors of MapmyIndia?
The main competitors of MapmyIndia include Google Maps, OpenStreetMap, HereWeGo, Mapchart.net, Waze, Sygic, OsmAnd, and many more.
When was MapmyIndia founded?
MapmyIndia was founded in 1995.
Who is MapmyIndia CEO?
Rohan Verma is the CEO of MapmyIndia. However, in December 2024, he announced his decision to step down from the role to focus on a new B2C venture. He will take on the role of Non-Executive Director on MapmyIndia’s board starting in April 2025.
The geotech business MapmyIndia revealed that Rohan Verma, its chief executive and executive director, will be leaving his position in March of next year, only weeks after the company’s second quarter results were released. As of March 31, 2025, Verma will no longer serve as the company’s CEO and full-time director. In a regulatory filing, the business stated that he will remain a non-executive director on the board. Verma is leaving his position to start a new business-to-consumer venture. The board of MapmyIndia has now authorised an INR 10 Lakh initial investment to purchase a 10% ownership in the new venture, with plans to invest an additional INR 35 Cr (more than $4 Mn) in it.
Proposal from the Board of MapmyIndia
The company also stated in the filing that the board had decided to invest INR 10,00,000 to purchase a 10% stake at face value of INR 10 per share and to invest an additional INR 35 Cr in the form of compulsory convertible debentures (CCDs) in the new company that Rohan Verma would be forming. According to his LinkedIn page, Verma has been the company’s CEO for about six years and has approximately twenty years of expertise altogether.
Notably, he has been employed by MapmyIndia since 2004 in a variety of managerial roles. In the past, he has also worked with multinational companies like McKinsey and Company and Microsoft. Rakesh Kumar Verma, the chairman and managing director, will continue to serve as MapmyIndia’s leader in the interim. The board of the Delhi NCR-based business has also authorised investments of INR 2 Cr to purchase a 19.84% stake in location intelligence platform Kaiinos Geo Spatial Technologies Private Ltd. and INR 3 Cr to purchase a 9.37% stake in automotive SaaS platform SimDaaS Autonomy Private Ltd.
Current Statups Leadership Scenario in India
This change occurs as a number of startup companies have recently undergone leadership shakeups. For example, Amit Kumar, the managing director and CEO of online classifieds platform OLX India, resigned a few weeks ago after seven years in that position, and Sidharth Malik, the global CEO of CleverTap, a startup focused on customer engagement and retention, also resigned.
In addition, Mayank Kumar, the managing director and cofounder of the edtech unicorn upGrad, left his leadership position in October to start a new business. In terms of finances, MapmyIndia’s net profit decreased by 8% to INR 30.35 Cr in the quarter that ended in September 2024 (Q2 FY25) from INR 33.09 Cr in the same period last year. In the meantime, operating revenue increased 14% from INR 91.08 Cr in Q2 FY24 to INR 103.67 Cr in the reviewed quarter.
Nitin Konde
