MapMyIndia shares plunge 9%, hit 52-week low amid plans to spin off B2C business

The stock closed in the red at ₹1,537, down 8.96% on the NSE on Tuesday, extending Monday’s losing streak of 4%.

The digital mapping company’s CEO Rohan Verma will step down with effect from April 1, 2025, to pursue an independent venture, it said in a regulatory filing on Sunday, December 1.

Rahul Verma will hold a 90% stake in the new B2C venture, while MapMyIndia will hold the remaining 10%.

“MapmyIndia will take a 10% stake and provide an additional funding of ₹35 crores via Compulsory Convertible Debentures (CCD) in the new company,” the statement said.

Rohan Verma will continue to be associated with the company as a Non-Executive Director.

The company said that the demerger was a result of the need for dedicated focus to build the consumer business.

Additionally, the map maker will pivot towards B2B and B2B2C businesses, in which it is a market leader.

The new venture will be a demerger of MapMyIndia’s consumer business, and will “complement and showcase” the geotech company’s B2B and B2B2C businesses.

“MapmyIndia leadership continues to be spearheaded by us founders, myself (Rakesh Verma) and Rashmi Verma, along with our able and established management team,” co-founder and managing director of the company Rakesh Verma commented.

New business to focus on Mappls

The new venture will utilise Mappls, MapMyIndia’s retail brand which uses the company’s B2B2C and B2G2C (business to government to client) services.

Further, Mappl Mall and Travel, which is currently in its incubation phase will be transferred to the new company along with Mappls gadgets that were marketed through the e-commerce segment.

As of December 3, the company had a total market capitalisation of ₹8,366.71 crore, according to the NSE.