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.

By Entrepreneur Staff

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Freepik

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.

Entrepreneur Staff

Entrepreneur Staff

Editor

For more than 30 years, Entrepreneur has set the course for success for millions of entrepreneurs and small business owners. We'll teach you the secrets of the winners and give you exactly what you need to lay the groundwork for success.
Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

News and Trends

Google Launches its Largest Office in India to Fuel AI Innovations

The new campus in Bengaluru marks a significant milestone in Google's journey, marking the technological paradigm shift underway with AI

News and Trends

Healthfab Secures USD 1 Mn Funding to Advance Sustainable Menstrual Care

The brand plans to use the fresh capital to expand its reach across metro and Tier II cities while strengthening its R&D efforts.

Business Solutions

Get a Lifetime of Powerful PDF Tools That Won't Give You a PDF Headache

Banish frustrating PDF issues forever and just breeze through all of the old problems with editing, formatting, converting, annotating and more.

News and Trends

Probus Smart Things Closes USD 5 Mn Funding Led by Unicorn India Ventures

With the fresh funds, Probus aims to scale its smart grid communication tech, integrate AI into networking solutions, and expand dual communication modules for smart metering across multiple Indian states.

News and Trends

IN-SPACe Launches Technology Adoption Fund to Boost Space Industry

This initiative aims to transition early-stage innovations from concept to commercial viability, empowering Non-Government Entities (NGEs), including startups and MSMEs, to enhance India's self-reliance in space technology.