Flipkart picks minority stake in MapmyIndia; early investors to exit

The objective of the partnership is to deploy location intelligence capabilities across Flipkart's logistics network

Flipkart has acquired a  minority stake in digital map and GIS solutions maker MapmyIndia for an undisclosed sum. CE Info’s existing investors Nexus Venture Partners and Lightbox Ventures will exit from the company with Flipkart’s investments.

The country’s largest e-commerce marketplace would add the map data layer on its supply chain and logistics operations, helping faster access to customers and reduce hurdles.

MapmyIndia would continue to independently serve all consumers and enterprises customers across all industries with its full range of products and solutions.

In the future, several unique and industry-first services are likely to be introduced, e.g. better address verification, real-time shipment tracking, facility mapping and theft minimisation via geo-fencing, among others, Flipkart said.

Binny Bansal, chief operating officer and co-founder of Flipkart, said, “This partnership is a strategic fit that gives us a sustainable competitive advantage.”

In November, taxi-based app aggregator Ola bought a multi-year licence of the local map platform for improved navigation of its drivers.

Rakesh Verma, Managing Director and Co-founder, MapmyIndia, said: "MapmyIndia's mission is to make the world better through maps and location technologies. We have seen extremely strong demand for our map and location products and solutions from leading e-commerce players, all automotive OEMs and progressive government agencies, and we remain committed to helping all customers across industries benefit from our maps and location technologies."