Estimating on the deal size, the sources close to the development, believe that Flipkart could shell somewhere between $60 Mn to $75 Mn (INR 400 Cr to INR 500 Cr) to acquire a majority stake in the company, mentions ET.
Also, this would allow all investors of MapmyIndia to get an exit. New Delhi-based digital mapping company is backed by financial investors, Lightbox Ventures and Nexus Venture Partners, who have around 25% stake in the company and strategic investors Qualcomm Ventures and Zenrin Co Ltd.
Related Article: Flipkart Acquires Minority Stake In MapmyIndia
However, Rakesh Verma, founder & CEO of MapmyIndia has denied any such development to ET and said, “We are an independent company and will remain independent.”
Earlier in March this year, MapmyIndia was planning to raise $20 Mn (about INR 126 Cr) in order to provide exits for its financial investors.
Started in 1992 by husband wife duo Rakesh Verma and Rashmi Verma, MapmyIndia has raised about $42 Mn (INR 264 Cr) till date.
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