Fintech giant PhonePe has sold a 5% stake in the geotech company MapmyIndia. The deal was completed through the open market and was valued at INR 486.03 crore.
According to BSE data, PhonePe sold 27.21 lakh shares of MapmyIndia’s parent company, CE Info Systems, at a price of INR 1,786.22 per share. Following this sale, PhonePe’s ownership stake in the company decreased from 18.74% to 13.74%.
Out of all the shares PhonePe sold, more than 12.88 lakh were bought by Motilal Oswal Mutual Fund, ICICI Prudential Mutual Fund, and Tata Mutual Fund. They bought the shares at ₹1,785 each.
Motilal Oswal and ICICI Prudential each bought 4.2 lakh shares, together spending about ₹150 crore. Tata Mutual Fund bought 4.48 lakh shares for around INR 80 crore.
This update arrives at a time when MapmyIndia is undergoing significant changes, including a new business strategy.
On April 1, Rohan Verma stepped down as the CEO of MapmyIndia. He now leads two key subsidiaries—Mappls DT (formerly known as Vidteq) and Gtropy—which focus on digital twin technology, defence, and GPS-based fleet tracking.
MapmyIndia’s parent company is now focusing more on the automotive and corporate sectors. Earlier this year, it teamed up with Qualcomm Technologies to work on advanced connectivity solutions for vehicles.
MapmyIndia was started in 1995 by Rakesh Verma and Rashmi Verma. The company creates detailed digital maps and location-based tools, primarily for India. It also develops specialised software and services that enable businesses and government departments to track and manage locations, vehicles, and other assets more efficiently.
One of MapmyIndia’s main features is its digital twin technology. This creates virtual copies of real-world places, which helps with planning disaster response, and other important tasks.
In the defence sector, MapmyIndia supplies digital maps and tools to the Indian Army. It also provides GPS-based systems that help track and manage vehicle fleets, which are useful for both businesses and government departments.
MapmyIndia also collaborates with various government departments to assist them in planning and monitoring projects more effectively using its maps and location-based tools.
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