Location-based technology provider MapmyIndia announced on Monday its completion of acquiring a 9.37% stake in SimDaaS Autonomy, a company specialising in testing and simulation solutions for autonomous vehicles. This acquisition received the green light from the company’s board of directors back in November last year. MapmyIndia will invest Rs 3 crore through a combination of equity shares and compulsorily convertible preference shares (CCPS) in SimDaaS. The acquisition is anticipated to enhance MapmyIndia’s business portfolio, as stated by the company.
As per a BSE filing, the investment comprises Rs 2,194.25 in equity, with the remainder allocated to CCPS that carry a face value of Rs 2,194.25 each. Established in 2023, SimDaaS, based in Kanpur, has not pursued any prior equity funding, according to the data site Tracxn.
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This acquisition occurs shortly before MapmyIndia is set to announce its third quarter results on January 29. In December, the company faced backlash from investors after announcing plans to invest Rs 35 crore into the business-to-consumer (B2C) venture of its outgoing CEO, Rohan Verma. Numerous analysts highlighted that this plan could result in profits benefiting the promoter, while the listed company and MapmyIndia’s parent entity, CE Info Systems, would incur all operational costs and risks. Nevertheless, a few days later, following criticism from both investors and industry professionals, the company retracted its decision to pursue any equity or debt investment into the proposed B2C venture.