India’s largest online retailer, FlipKart has bought a strategic minority stake in MapmyIndia that offers digital mapping service to users. Due to this FlipKart investment, MapmyIndia’s existing investor Nexus Venture Partners and Lightbox Ventures will exit the company.
Regardless of the deal, MapmyIndia will work as an independent company and serve all its consumers with its entire range of products and solutions. FlipKart has acquired minority stack of the online digital map platform to improve its logistic solutions and customer analytics. The online retailer is planning to license map data and location tech of MapmyIndia, so that it can strengthen its supply chain.
Rakesh Verma, MD and co-founder of MapmyIndia said, “We have seen extremely strong demand for our map and location products and solutions from leading ecommerce players, all automotive OEMs and progressive government agencies, and we remain committed to helping all customers across industries. We look forward to sharing our domain expertise with Flipkart, as a strategic minority investor, and adding new and fresh dimensions to their logistics operations, together transforming ecommerce to benefit more than a billion Indians.”
MapmyIndia will bring its location intelligence capabilities to logistic network of FlipKart, so that the eCommerce firm can strengthen its first mile pickup and last mile delivery operations. The company will release some new services like real time shipment tracking, improved address verification, Facility Mapping and Theft Minimization via Geo-fencing among many others.
Binny Bansal, co-founder and COO of FlipKart said about the deal, “The integration of comprehensive and accurate location data will allow us to deliver an even more personalized and delightful experience to our customers. This partnership is a strategic fit that gives us a sustainable competitive advantage”