As Bengaluru-based MapMyIndia's CEO Rohan Verma steps down to pursue a new B2C venture, take a look at the details of the plan, disclosures, regulatory requirements, and key aspects investors should know.

The chief executive officer (CEO) said that although MapmyIndia's board approved the investment, it will not take place due to the concerns of the minority investors. Instead, Verma will be using his own funds to run the venture.

MapmyIndia has decided to shelve its Rs 35 crore investment plan for a B2C venture, addressing investor concerns while retaining a stake.

Rohan Verma's departure as CEO to set up a new venture could create a leadership vacuum, according to analysts

MapMyIndia plans to separate its B2C division into a new entity, led by current CEO Rohan Verma. The new venture, in which MapMyIndia will retain a 10% stake, will focus on consumer products under the Mappls brand.

MapmyIndia's former CEO and Executive Director Rohan Verma will hold a 90% stake in the new company while the balance 10% will be with MapmyIndia.

MapMyIndia will sharpen its focus on its core B2B and B2B2C operations and spin off its B2C business into a new company.