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MapmyIndia has acquired a 9.37% stake in Kanpur-based AI startup SimDaaS Autonomy for about INR 3 Cr
The transaction was a mix of equity infusion and issuance of preference shares
Founded in 2023, SimDaaS Autonomy focuses on simulation technologies for autonomous systems and advanced driver-assistance systems (ADAS).
Listed geotech company MapmyIndia
The transaction was a mix of equity infusion worth INR 2,194.25 and issuance of 13,671 compulsorily convertible preference shares (CCPS) having a face value of INR 2,194.25 each, taking the total value of the deal to INR 2.99 Cr.
While the deal was first announced in November last year, it was completed on January 24, as per an exchange filing by MapmyIndia.
Founded in 2023 by Sunit Arya, SimDaaS Autonomy focuses on simulation technologies for autonomous systems and advanced driver-assistance systems (ADAS).
Shares of MapmyIndia’s parent CE Info Systems were trading flat at INR 1,661 apiece on the BSE at 11:19 AM today (January 27).
The stake acquisition in SimDaaS aligns with MapmyIndia’s efforts to expand its capabilities. Last week, MapmyIndia teamed up with Bengaluru-based startup KOGO AI to launch India’s ‘first’ universal voice assistant for the automotive industry.
Earlier this month, the digital mapping company also partnered with US-based original equipment manufacturer Qualcomm Technologies to offer automotive connectivity solutions in India and overseas.
Last month, MapmyIndia said it was setting up a new joint venture in Indonesia with Hyundai AutoEver, a wholly-owned subsidiary of recently-listed carmaker Hyundai Motor. The company has since acquired a 40% stake in its JV called ‘PT Terra Link Technologies’ for $4 Mn.
It is pertinent to note that MapmyIndia came under heavy scrutiny from investors last year after it announced plans to hive off its B2C business into a “separate” company. The company also informed the bourses that founder and CEO Rohan Verma would step down to lead this new venture.
At the time, MapmyIndia said the proposed B2C business would operate as an independent entity and bear all expenses related to its business, be it people cost, marketing cost or cloud cost.
However, the announcement kicked off a storm with investors arguing that the terms of the separation agreement were not fair to MapmyIndia’s minority stakeholders. Following the controversy, the listed geotech giant took a U-turn on its plans to split its B2C business.
