Zenrin, a leading Japanese map publisher, is on the verge of investing US$30 Million in its India-based counterpart, MapmyIndia. This would give Zenrin a 24 percent stake in India’s largest provider of digital maps and navigation products, according to a report today in The Economic Times.
Currently, MapmyIndia founders Rakesh Verma and his wife Rashmi hold a 45% stake in the company. Mr. Verma’s Stanford-educated son, Rohan is a director at the company which was founded in 1992.
MapmyIndia’s products range from in-car, internet, and mobile navigation solutions for individual consumers to enterprise solutions for companies. The company employs over 150 people and has received investment funding from Kleiner Perkins, Caufield Byers, Sherpalo Ventures and Nexus India Capital.
The deal with Zenrin will allow it to launch new products, as well as offer an exit route to some of its private equity investors. It’s being overseen by ICICI Securities and a Japanese investment bank.
Zenrin is a long-standing player in the map industry, and is Japan’s leading map publisher. With this deal, MapmyIndia, widely acclaimed as India’s Google Maps, will now get access to Zenrin’s technology and the much-needed funding to expand its operations.
[Source: The Economic Times]
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