New Delhi, Nov 30 MapMyIndia on Saturday announced that its CEO and Whole-Time Director, Rohan Verma, will step down to launch his own consumer business.
“To fulfil his long-cherished desire to build a consumer business, Rohan Verma, CEO and Executive Director of Mapmyindia, proposed to the board to fund a new venture outside the company," Co-founder & CMD, Rakesh Verma, said in a statement given to IANS.
"The proposed consumer business will complement MapmyIndia’s core market strength of B2B and B2B2C, while focusing exclusively on the B2C segment," he added.
The statement noted that the company’s board also "approved funding of Rs 35 crore by way of Compulsorily Convertible Debentures (CCD)".
This is in addition to an investment of Rs 10 lakh for a 10 per cent equity stake in the startup.
Rohan Verma will step down from the executive role effective March 31, 2025, and will transition to a new role as a Non-Executive Director on the company’s board.
“MapmyIndia will continue to execute on the large opportunity in the B2B and B2B2C market spearheaded by its able and established management team under the leadership of the founders, myself and Rashmi Verma,” Rakesh Verma said.
This will help MapmyIndia to maintain its focus on its core B2B and B2B2C businesses while also supporting Rohan Verma's entrepreneurial ambitions.
Meanwhile, MapmyIndia reported a 13.82 per cent year-on-year jump in revenue from operations to Rs 103.67 crore in Q2 FY25.
However, the company also registered an 8.2 per cent drop in consolidated net profit to Rs 30.33 crore in Q2 FY25, compared to Rs 33.04 crore in Q2 FY24.
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