The Board and Management believe that the focus of the Company should remain on the B2B and B2B2C sectors which constitute over 99% of revenues and continues to represent a significant growth opportunity for the foreseeable future. MapmyIndia is a market leader in these segments with a strong track record of growth and profitability and will continue to invest in these segments for future growth. MapmyIndia's retail brand, Mappls, and the associated apps continues to be held by the Company. MapmyIndia's Board has reversed its decision to make any equity or debt investment in a proposed new company. The Board will continue to explore and evaluate various opportunities in respect to B2C, while re-calibrating its investments in B2C segment.
Rakesh Verma, CMD, MapmyIndia, and Rohan Verma, CEO & Executive Director, MapmyIndia, said “We believe that the decisions taken by the Board on 29th November 2024 and today, 9th December 2024 both are taken in the best interest of the Company and all its shareholders including minority shareholders. The Company and the Board believes it is important to ensure that the Company goes above and beyond to allay any apprehensions.
MapmyIndia has always been run with the best of intent and Corporate Governance and will always be run like this. We execute well on our goals as can been seen from our track records of growth, profitability, capital allocation and innovation. We keep looking at future optionalities across the spectrum and proposals for value creation with careful consideration of all facts and contexts to arrive at decisions which are in the best long term interest of all shareholders and stakeholders.
We remain on track to achieve our stated goals as articulated in our Investor Day in June, 2023.”