Home-grown digital navigation firm MapmyInida has bought strategic stakes in quick commerce firm Zepto at a pre-money valuation of $5.8 billion, a top official of the map services company said. Pre-money valuation refers to an estimated valuation of an enterprise before receiving funds from investors.
According to a regulatory filing by CE Info Systems, owner of MapmyIndia, the company intends to invest approximately Rs 25 crore for subscribing to 75,18,797 compulsorily convertible preference shares on fully diluted basis having face value of Rs 5 each at issue price of Rs 33.25 per CCPS.
"We acquired shares in a secondary sale from a foreign investor of Zepto at a pre-money valuation of $5.8 billion. It is a strategic stake, and as per the agreement, Zepto will use our maps for navigation." MapmyIndia Chairman and Managing Director Rakesh Verma told PTI.
With this investment, MapmyIndia will hold 0.0490% stake in Zepto's share capital.
According to the filing, Zepto has recorded over 100 per cent growth in revenue to Rs 4,454.52 crore in FY24 from Rs 2,024.4 crore in FY23.
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