C.E. Info Systems Limited, the parent company of MapmyIndia, has announced its decision to concentrate on the B2B and B2B2C segments, which currently contribute over 99% of its revenues.
The company’s retail brand, Mappls, and its associated apps remain integral parts of its portfolio, underscoring its readiness to explore opportunities in the B2C segment. However, the Board has decided to recalibrate investments in the B2C segment to align with long-term growth strategies. This decision includes reversing the previous plan to make equity or debt investments in a proposed new company focused on the B2C space.
The Board believes that focusing on the B2B and B2B2C sectors will enable MapmyIndia to sustain its growth momentum and capitalize on significant opportunities in these markets.
Rakesh Verma, Chairman and Managing Director, and Rohan Verma, CEO and Executive Director of MapmyIndia, emphasised that the decisions made by the Board on November 29, 2024, and December 9, 2024, reflect the company’s dedication to shareholder interests, including those of minority shareholders.
They further stated, “MapmyIndia has always been run with the best of intent and Corporate Governance and will always be run like this. We execute well on our goals as can be seen from our track records of growth, profitability, capital allocation and innovation. We keep looking at future optionalities across the spectrum and proposals for value creation with careful consideration of all facts and contexts to arrive at decisions which are in the best long-term interest of all shareholders and stakeholders. We remain on track to achieve our stated goals as articulated in our Investor Day in June 2023.”
Following this announcement, MapmyIndia was gaining attention. On December 10, 2024, MapmyIndia share price opened at ₹1,917.45, up from its previous close of ₹1,908.45. However, at 9:42 AM, the share price of MapmyIndia was trading at ₹1,832.00, down by 4.01% on the NSE.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
Published on: Dec 10, 2024, 10:11 AM IST
We're Live on WhatsApp! Join our channel for market insights & updates