 "MapmyIndia picks strategic stake in Zepto at $5.8 bn pre-money value")
Home-grown digital navigation firm MapmyInida has bought strategic stakes in quick commerce firm Zepto at a pre-money valuation of $5.8 billion, a top official of the map services company said.
Pre-money valuation refers to an estimated valuation of an enterprise before receiving funds from investors.
According to a regulatory filing by CE Info Systems, owner of MapmyIndia, the company intends to invest approximately ₹25 crore for subscribing to 75,18,797 compulsorily convertible preference shares (CCPS) on fully diluted basis having face value of ₹5 each at issue price of ₹33.25 per CCPS.
"We acquired shares in a secondary sale from a foreign investor of Zepto at a pre-money valuation of $ 5.8 billion. It is a strategic stake, and as per the agreement, Zepto will use our maps for navigation," MapmyIndia Chairman and Managing Director Rakesh Verma told PTI.
With this investment, MapmyIndia will hold 0.0490 per cent stake in Zepto's share capital.
According to the filing, Zepto has recorded over 100 per cent growth in revenue to ₹4,454.52 crore in FY24 from ₹2,024.4 crore in FY23.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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