MapmyIndia’s Early Investors, Nexus Venture Partners & Lightbox Ventures Exit The Company
Ecommerce marketplace, Flipkart, has acquired a minority stake in the digital mapping company, MapmyIndia.
MapmyIndia will continue to independently serve all its consumers and enterprises across all industries with its full range of products and solutions. The acquisition will help Flipkart strengthen its logistics and customer analytics. The company plans to license map data and location technologies from MapmyIndia in order to improve its supply chain.
With Flipkart’s investment, MapmyIndia’s early investors, Nexus Venture Partners and Lightbox Ventures, will exit the company.
Rakesh Verma, Managing Director and co-founder of MapmyIndia, said, “We have seen extremely strong demand for our map and location products and solutions from leading ecommerce players, all automotive OEMs and progressive government agencies, and we remain committed to helping all customers across industries. We look forward to sharing our domain expertise with Flipkart, as a strategic minority investor, and adding new and fresh dimensions to their logistics operations, together transforming ecommerce to benefit more than a billion Indians.”
MapMyIndia will deploy its location intelligence capabilities across Flipkart’s logistics network, enabling it to strengthen its first-mile pickup and last mile delivery operations. Further, the two companies will introduce several unique and industry-first services like better Address Verification, Real-Time Shipment Tracking, Facility Mapping and Theft Minimization via Geofencing among many others.
Flipkart’s COO and co-founder, Binny Bansal, said that acquiring a stake in MapMyIndia will give an edge to the company to transform its supply chain ecosystem in India. He added, “The integration of comprehensive and accurate location data will allow us to deliver an even more personalized and delightful experience to our customers.”
It was reported in September that Flipkart was planning to acquire a majority stake in MapMyIndia. , Flipkart then had shared its intentions to acquire the digital mapping company for about $60 to $75 Mn (INR 400 Cr to INR 500 Cr).
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