MapmyIndia has announced that its chief executive and managing director Rohan Verma will be stepping down from his role in March next year
Verma is stepping down from his role to form a new B2C business, where MapmyIndia’s board approved to make an investment of INR 35 Cr
Meanwhile, Rakesh Kumar Verma, chairman and managing director will continue to provide the leadership in MapmyIndia
Weeks after MapmyIndia reported its second quarter results, the geotech company has announced that its chief executive and managing director Rohan Verma will be stepping down from his role in March next year.
Verma will discontinue as CEO and whole time director of the company, effective March 31, 2025. He shall continue on the board of the company as a non executive director, the company said in a regulatory filing.
Verma is stepping down from his role to form a new B2C business, in which, MapmyIndia’s board has now approved to make an initial investment of INR 10 Lakh to acquire a 10% stake, while also planning to make a further investment of INR 35 Cr (more than $4 Mn) in the new business.
The board considered and approved to make an investment of INR 10,00,000 to acquire 10% stake at face value of INR 10 per share and further invest INR 35 Cr in the form of compulsorily convertible debentures (CCDs) in the proposed new company to be formed by Rohan Verma, the company also said in the filing.
With an overall experience of about two decades, Verma, as per his LinkedIn profile, has been the chief executive of the company for nearly six years. It is noted that he worked with MapmyIndia since 2004, under various leadership positions. Previously, he has also worked with global brands such as Microsoft and McKinsey and Company.
Meanwhile, Rakesh Kumar Verma, chairman and managing director will continue to provide the leadership in MapmyIndia.
Additionally, the Delhi NCR-based company’s board has also approved an investment of INR 3 Cr to acquire 9.37% stake in SaaS platform for automobiles SimDaaS Autonomy Private Ltd, and an investment of INR 2 Cr to acquire 19.84% stake in location intelligence platform Kaiinos Geo Spatial Technologies Private Ltd.
This development comes at a time when various startup businesses have been seeing a revamp in their leadership positions.
For instance, a few weeks ago, online classifieds platform OLX India’s Amit Kumar resigned from his role as managing director and chief executive officer after seven years, while customer engagement and retention startup CleverTap’s global chief executive officer Sidharth Malik also stepped down from his role.
Furthermore, edtech unicorn upGrad’s cofounder and managing director Mayank Kumar stepped down from his executive role to launch a new venture, in October.Â
On the financial front, MapmyIndia logged a 8% decline in its net profit to INR 30.35 Cr in the quarter ended September 2024 (Q2 FY25) from INR 33.09 Cr in the year-ago period.
Meanwhile, revenue from operations rose 14% to INR 103.67 Cr during the quarter under review from INR 91.08 Cr in Q2 FY24.Â
