PhonePe Offloads 5% Stake In MapmyIndia For INR 486 Cr

Fintech major PhonePe has offloaded a 5% stake in geotech major MapmyIndia via an open market transaction for INR 486.03 Cr.

As per BSE data, the digital payments major offloaded 27.21 Lakh shares of the geotech startup’s parent CE Info Systems at INR 1,786.22 each. Following this, PhonePe’s stake in MapMyIndia fell from 18.74% to 13.74%.

Of the total shares that flooded the market, more than 12.88 Lakh were lapped up by Motilal Oswal Mutual Fund, ICICI Prudential Mutual Fund and Tata Mutual Fund at INR 1,785 each. 

While Motilal Oswal and ICICI Prudential picked up 4.2 Lakh shares each for a cumulative total of INR 150 Cr, Tata Mutual Fund acquired 4.48 Lakh shares for a sum of nearly INR 80 Cr.

Meanwhile, markets reacted sharply to PhonePe’s partial exit, pushing the stock down by 9.39% to close the day at INR 1,768.75 on the BSE on Friday (June 12).

The update comes amid a slew of developments at MapmyIndia, including a strategic realignment. On April 1, Rohan Verma stepped down as the CEO of the company. He now heads two key subsidiaries, Mappls DT (formerly Vidteq) and Gtropy, which drive the company’s digital twin, defence, and GPS-based fleet analytics businesses.

The parent company now plans to focus on automotive and corporate segments. The company also partnered with Qualcomm Technologies earlier this year to co-develop next-gen automotive connectivity solutions. 

Founded in 1995 by Rakesh Verma and Rashmi Verma, MapmyIndia makes detailed digital maps and location-based tools, mainly for India. The company also creates special software and services to help businesses and government departments better understand and manage places, vehicles, and assets.

One of their key offerings is creating digital versions of real-world locations, called digital twins, which help in planning, rescue work, and other activities. 

In terms of defence offerings, MapmyIndia offers digital maps and tools to the Indian army. They also offer GPS-based systems to track and manage fleets of vehicles, which is useful for both companies and the government. MapmyIndia also works closely with different levels of government to help authorities plan and monitor projects more effectively with its products. 

Nevertheless, MapmyIndia’s fundamentals remain strong. The company posted a 28% year-on-year (YoY) jump in net profit to INR 49 Cr in the fourth quarter (Q4) of fiscal year 2024-25 (FY25). Meanwhile, the company’s operating revenue grew 34% YoY to INR 143.6 Cr.

For the full fiscal year FY25, the company’s net profit rose 10% YoY to INR 147.6 Cr while operating revenue increased 22% YoY to INR 463.3 Cr