VCs to exit as India's Flipkart invests in MapMyIndia
Indian e-commerce giant Flipkart has committed an undisclosed sum to GPS navigation and location-based services provider MapMyIndia, providing an exit for investors Nexus Venture Partners and Lightbox Ventures.
Flipkart plans to add MapMyIndia's navigation and location capabilities across its supply chain, according to a YourStory article posted to MapMyIndia's Twitter feed. The company will also use MapMyIndia's technology to implement new techniques for address verification, shipment tracking, and other applications.
MapMyIndia's other partnerships are not expected to be affected by the transaction. The company recently agreed to provide cab-hailing app Ola with maps and navigation services, and it also provides maps to Japan's Zenrin, a strategic investor in the company.
Founded in 1992 as a source of digital mapping data, software, hardware, and books, MapMyIndia has raised several rounds of funding. Current investors include Nexus, Lightbox, and Qualcomm Ventures. Nexus invested INR100 million (then $2.47 million) in 2007, while Lightbox committed $3.2 million in 2014.
Flipkart has taken part in several venture investments in Indian technology companies in the last year, including INR760 million in home rental marketplace NestAway and INR500 million in smartphone gesture control developer Cube26. Tiger Global also participated in those rounds. In addition, the company acquired mobile ad network AdIQuity in March for an undisclosed amount.
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