Indian digital map provider CE Info Systems Ltd, or MapMyIndia’s board of directors, announced on Monday, December 9 that the company will not invest in the outgoing CEO Rohan Verma’s new venture.
“MapMyIndia’s Board has reversed its decision to make any equity or debt investment in a proposed new company. The Board will continue to explore and evaluate various opportunities in respect to B2C, while re-calibrating its investments in B2C segment,” said the company in the official statement on Monday.
Earlier, the company was set to invest ₹35 crore via compulsorily convertible debentures (CCDs) in exchange for 10 per cent of Rohan Verma’s startup.
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CE Info Systems, MapMyIndia
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