Facing investor concerns, MapmyIndia halts plans to invest Rs 35 crore in the new B2C entity led by CEO Rohan Verma.

MapMyIndia CEO Rohan Verma will personally fund a new B2C venture, addressing minority investor concerns about the initial plan. While MapMyIndia retains a 10% stake, Verma ensures the venture's benefits will accrue to the parent company.

In an unexpected turn, MapMyIndia has announced that it will not proceed with its planned investment in the startup founded by its outgoing CEO, Rohan Verma. The decision, revealed on December 9, follows a shift in the company's strategy concerning its business operations.

MapMyIndia shares gained over 3% on December 4 after CEO Rohan Verma chose to personally fund the company’s B2C venture, responding to concerns from minority investors. This came after a 12% drop in the stock over two days,

MapMyIndia’s Board of Directors scrapped the decision to invest ₹35 crore in exchange of 10 per cent stake in outgoing CEO Rohan Verma’s new business venture, on Monday. Shares were trading higher on December 9.

MapMyIndia’s board has reversed its decision to invest Rs 35 crore in a proposed new company of former CEO Rohan Verma, the company clarified.

MapMyIndia was earlier supposed to invest in the new company which will be formed by former CEO Rohan Verma by subscribing to a 10% equity stake.

Map My India on Saturday announced that its CEO and Whole-Time Director, Rohan Verma, will step down to launch his own consumer business.

MapmyIndia has announced that its chief executive and executive director Rohan Verma will be stepping down from his role in March next year

CE Info Systems , the parent firm of digital maps provider MapmyIndia, said on Monday that it has scrapped plans to invest in a company being set up by its outgoing CEO after receiving investor feedback,

Shares of an CE Info Systems Ltd., known as MapmyIndia, jumped after the company said it is reversing an earlier plan to carve out its consumer business.