2 days ago
PhonePe Sells 5% Stake in MapmyIndia for INR 486 Crore
The move triggered an immediate reaction in the markets, with MapmyIndia's stock falling 9.39 per cent to close at INR 1,768.75 on the BSE on Friday
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Digital payments giant PhonePe has sold a 5 per cent stake in geospatial technology company MapmyIndia, netting INR 486.03 crore through an open market transaction. The sale, as per BSE data, saw PhonePe offload 27.21 lakh shares of CE Info Systems, MapmyIndia's parent, at INR 1,786.22 per share, reducing its total stake from 18.74 per cent to 13.74 per cent.
The move triggered an immediate reaction in the markets, with MapmyIndia's stock falling 9.39 per cent to close at INR 1,768.75 on BSE on Friday, as reported by Inc42. Despite the dip, the stake was quickly picked up, with more than 12.88 lakh shares acquired by three major mutual funds—Motilal Oswal, ICICI Prudential, and Tata Mutual Fund—at INR 1,785 per share. Motilal Oswal and ICICI Prudential each picked up 4.2 lakh shares, investing a total of INR 150 crore, while Tata Mutual Fund bought 4.48 lakh shares for nearly INR 80 crore.
The company works closely with government agencies and private enterprises to deliver location intelligence solutions, including digital twin technology—virtual replicas of real-world environments used for planning and crisis response.
The divestment comes during a period of internal transition at MapmyIndia. On April 1, Rohan Verma stepped down as CEO to lead the company's subsidiaries Mappls DT (formerly Vidteq) and Gtropy, both focused on emerging areas like digital twins, defence technology, and GPS-based fleet analytics. These units are expected to play a central role in the company's next phase of growth.
Despite recent shifts in leadership and ownership, the company's financial performance has remained strong. For Q4 of FY25, MapmyIndia reported a 28 per cent year-on-year increase in net profit to INR 49 crore and a 34 per cent rise in operating revenue to INR 143.6 crore. Full-year results showed a 10 per cent jump in net profit to INR 147.6 crore and a 22 per cent growth in operating revenue, reaching INR 463.3 crore.
