MapmyIndia Acquires 9.37% Stake in SimDaaS MapmyIndia will invest INR 3 crore in a mix of equity shares and compulsorily convertible preference shares (CCPS) in SimDaaS. The acquisition is expected to bolster MapmyIndia's business portfolio.
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MapmyIndia, the prominent location-based technology provider, announced that it has successfully acquired a 9.37% stake in SimDaaS Autonomy, a leading provider of testing and simulation solutions for autonomous vehicles.
The acquisition, which was approved by the company's board in November, marks a significant step in enhancing MapmyIndia's business portfolio.
With a strategic investment of INR 3 crore, the company has acquired a mix of equity shares and compulsorily convertible preference shares (CCPS) in SimDaaS. Of the total, INR 2,194.25 has been invested in equity, with the remaining amount allocated to CCPS, each with a face value of INR 2,194.25.
The Kanpur-based startup, founded in 2023, has so far not raised any equity funding.
This acquisition comes just days before MapmyIndia reveals its third-quarter results, set for January 29.
The move follows a turbulent December for the company, which faced backlash from investors after revealing plans to invest INR 35 crore into the B2C venture of its outgoing CEO, Rohan Verma.
Amid criticism, MapmyIndia quickly reversed its decision, opting to focus on more strategic investments like SimDaaS, which aligns with the company's long-term goals in the autonomous vehicle sector.
