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Japan’s map publisher Zenrin in talks to buy 24% stake in MapMyIndia

Japanese map publisher Zenrin is all set to buy a
significant stake in an India-based digital-map company MapMyIndia that is
being valued at $125 million. Zenrin is in advanced talks to invest $30 million
for a 24 per cent stake in the company.

Japanese map publisher Zenrin is all set to buy a
significant stake in an India-based digital-map company MapMyIndia that is
being valued at $125 million. Zenrin is in advanced talks to invest $30 million
for a 24 per cent stake in the company.

According to this report in The Economic Times, the funds will
be used to expand operations at the Delhi-based firm and also offer a partial
exit to some of the existing private-equity investors. The company has received
funding from Qualcomm Ventures, Kleiner Perkins Caufield Byers, Sherpalo
Ventures and Nexus India Capital.

MapMyIndia was founded in 1992 and offers
internet, mobile and in-car navigation products, covering major cities and 6
lakh villages across the country. The deal with the Japanese firm will help the
firm launch new products that currently has revenues of 42 crore and is widely
regarded as India’s Google Maps.

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