MapMyIndia acquires stake in Kogo Tech Labs

C.E. Data Techniques (MapMyIndia) introduced that it has acquired 26.37% stake in Kogo Tech Labs to construct journey & hyper-local discovery, commerce, social, gamified platform built-in with maps and navigation.

The price of acquisition of 26.37% stake stood at $1.25 million (Rs 10 crore) together with an choice to boost stake to 50% in two years.

Kogo is a gamified social journey commerce platform the place customers earn kogocoin as they step out and journey, and may spend these on lodges, experiences, providers, equipment and shops on the Kogo market.

The corporate stated that by integrating Kogo’s gamified journey, outdoor and hyper‐native content material, neighborhood & commerce platform into the Mappls N‐CASE suite, the corporate will now allow automotive OEMs in India and globally to extend shopper engagement, model loyalty and in‐automobile commerce monetisation alternatives.

Raj Okay Gopalakrishnan, co‐founder & CEO of Kogo and Praveer Kochhar, co‐founder stated, Our objective is to make sure that KOGO is the go‐to platform for automotive OEMs that give their customers an expertise of connecting with like‐minded individuals by way of our neighborhood and discovering new locations and experiences in an interesting and distinctive gamified format.

There may be much more deliberate as a part of the partnership for the long run that may also ship integration options & apps to shoppers, the journey eco‐system, manufacturers, companies and authorities. We’re excited to progressively unveil our imaginative and prescient for journey, outdoor, hyper‐native, social and gamification, within the time to return.

Rakesh Verma, chairman and managing director of MapmyIndia and Rohan Verma, CEO & government director stated, Constructing world‐class digital maps & applied sciences and delivering their optimistic advantages to everybody by way of infinite use instances has been our core mission and conviction in India for the reason that final 27 years by way of MapmyIndia, and now globally, by way of our international platform and model, Mappls.

Not simply does this strategic funding and enterprise partnership deepen MapmyIndia’s automotive OEM portfolio and open up bigger multi‐billion greenback addressable markets for the corporate, however it helps us ship on the innate wants and aspiration of all individuals to journey and expertise the world in higher and extra methods.

C.E. Data Techniques (MapMyIndia) is engaged in offers digital map knowledge, GPS navigation and location-based providers, software program and customizing its merchandise to prospects (mixed) by way of royalty, annuity, subscription.

The corporate’s consolidated internet revenue rose 17.5% to Rs 24.19 crore on a 50% improve in internet gross sales to Rs 65.01 crore in Q1 FY22 over Q1 FY21.

Shares of C.E. Data Techniques fell 0.07% to Rs 1,374.90 on the BSE.

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(This story has not been edited by Enterprise Commonplace employees and is auto-generated from a syndicated feed.)

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