Rohan Verma To Launch Consumer Biz Quit As MapmyIndia CEO

New Delhi: MapMyIndia on Saturday announced that its CEO and Whole-Time Director, Rohan Verma, will step down to launch his own consumer business.

“To fulfil his long-cherished desire to build a consumer business, Rohan Verma, CEO and Executive Director of Mapmyindia, proposed to the board to fund a new venture outside the company," Co-founder & CMD, Rakesh Verma, said in a statement given to IANS.

"The proposed consumer business will complement MapmyIndia’s core market strength of B2B and B2B2C, while focusing exclusively on the B2C segment," he added.

The statement noted that the company’s board also "approved funding of Rs 35 crore by way of Compulsorily Convertible Debentures (CCD)". This is in addition to an investment of Rs 10 lakh for a 10 per cent equity stake in the startup.