Flipkart buys minority stake in MakemyIndia to bolster logistics

Domestic eCommerce giant Flipkart has recently acquired a strategic minority stake in MapmyIndia.
Flipkart

In order to bolster its supply chain through licensed map data and location technology, domestic eCommerce giant Flipkart has recently acquired a strategic minority stake in MapmyIndia. MapmyIndia is an online digital platform that enables GPS navigations, tracking, location-based apps and GIS (geographic information solutions).
MapmyIndia’s previous investors Nexus Venture Partners and Lightbox Ventures are likely to exit the company after this investment from Flipkart.
The company said it would deploy location intelligence capabilities across Flipkart's logistics network and enable it to strengthen its pickup and delivery operations. It also plans to introduce industry-first services like better address verification, real-time shipment tracking, facility mapping and theft minimization via geo-fencing.
"The integration of comprehensive and accurate location data will allow us to deliver an even more personalized and delightful experience to our customers," said Binny bansal, COO and Co-Founder, Flipkart.
MapmyIndia is a brain-child of husband-wife team of Rakesh and Rashmi Verma. Prior to this investment from Flipkart, the company had raised around $30 million funding from Lightbox Ventures, Nexus Venture Partners and Qualcomm.
"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," said Rakesh Verma.
The company will continue its operations independently and will cater to its consumers and enterprise customers across all industries.

Publish Date
Not Sponsored
Live: People Reading Now
 
 
 
 
TRENDING ARTICLE
RECOMMENDED FOR YOU