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PhonePe Offloads 5% Stake In MapmyIndia For INR 486 Cr
- PhonePe offloaded a 5% stake in MapMyIndia for INR 486.03 Cr through an open market transaction.
- PhonePe sold 27.21 Lakh shares of MapMyIndia's parent CE Info Systems at INR 1,786.22 each, reducing its stake from 18.74% to 13.74%.
- Motilal Oswal Mutual Fund, ICICI Prudential Mutual Fund, and Tata Mutual Fund bought over 12.88 Lakh shares at INR 1,785 each.
- Motilal Oswal and ICICI Prudential purchased 4.2 Lakh shares each, totaling INR 150 Cr, while Tata Mutual Fund bought 4.48 Lakh shares for nearly INR 80 Cr.
- PhonePe's partial exit led to a 9.39% drop in MapMyIndia's stock, closing at INR 1,768.75 on BSE.
- MapmyIndia saw strategic changes, including CEO Rohan Verma stepping down and a focus shift to automotive and corporate segments.
- MapmyIndia partnered with Qualcomm Technologies to develop automotive connectivity solutions.
- Founded in 1995, MapmyIndia creates detailed maps and location-based tools for businesses and government agencies in India.
- MapmyIndia also offers digital twin services for planning and rescue activities, as well as GPS-based fleet tracking systems.
- Despite PhonePe's exit, MapmyIndia's financials improved with a 28% YoY rise in net profit in Q4 FY24-25.
- For the full year FY25, MapmyIndia's net profit increased by 10% YoY to INR 147.6 Cr, and operating revenue grew by 22% YoY to INR 463.3 Cr.
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