MapmyIndia infused $4 Mn to pick up 40% stake in its joint venture (JV) with Hyundai AutoEver
Under this transaction, MapmyIndia has acquired 65,708 common shares of the JV called PT Terra Link Technologies
Additionally, MapmyIndia has also picked up a 19.84% stake in location intelligence platform Kaiinos Geo Spatial Technologies Private Ltd
Fueling its expansion spree, geotech startup MapmyIndia
has infused $4 Mn (around INR 33.8 Cr) to pick up 40% stake in its joint venture (JV) with Hyundai AutoEver, a wholly-owned subsidiary of Hyundai Motor.
Under this transaction, MapmyIndia has acquired 65,708 common shares of the JV called PT Terra Link Technologies, the company said in a statement today (December 27).
The first announcement was made earlier this month (December 8) when the board of the company approved the incorporation of the proposed JV in Indonesia. Back then, the company said that it will own 40% in the JV, while the remaining 60% will be acquired by Hyundai AutoEver with an investment of $6 Mn.
This investment fuels the company’s plan of expanding its market globally.
Additionally, MapmyIndia has also picked up a 19.84% stake in location intelligence platform Kaiinos Geo Spatial Technologies Private Ltd via equity as well as compulsorily convertible preference shares (CCPS).
The company has made a total investment of INR 2 Cr to acquire this stake. This acquisition aligns with MapmyIndia’s initiative to support innovative technologies and expand its tech stack.
This comes at a time when the board of MapmyIndia also approved the company’s proposal to invest an additional $0.5 Mn in its subsidiary CE International in one or more tranches. Besides, the company will also invest INR 3 Cr to acquire 9.37% stake in SaaS platform for automobiles SimDaaS Autonomy Private Ltd.
Last month, MapmyIndia’s chief executive officer and executive director Rohan Verma resigned from his position to form a new B2C business. It is pertinent to note that the board of MapmyIndia 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 in his new business.
Earlier this year, MapmyIndia was in discussions with partners to expand its products and platforms beyond India, targeting regions in Southeast Asia and the Middle East & North Africa.
The company posted a 8% decline in its consolidated profit after tax (PAT) to INR 30.35 Cr in the second quarter of FY25 from INR 33.09 Cr in the year-ago period. Meanwhile, its revenue from operations rose 14% to INR 103.67 Cr in the quarter under review, against INR 91.08 Cr in Q2 FY24.
