C.E. Info Systems (MapMyIndia) announced that it has acquired 26.37% stake in Kogo Tech Labs to build travel & hyper-local discovery, commerce, social, gamified platform integrated with maps and navigation.
The cost of acquisition of 26.37% stake stood at $1.25 million (Rs 10 crore) along with an option to raise stake to 50% in two years.Kogo is a gamified social travel commerce platform where users earn kogocoin as they step out and travel, and can spend these on hotels, experiences, services, accessories and stores on the Kogo marketplace.
The company said that by integrating Kogo's gamified travel, outdoors and hyper‐local content, community & commerce platform into the Mappls N‐CASE suite, the company will now enable automotive OEMs in India and globally to increase consumer engagement, brand loyalty and in‐vehicle commerce monetisation opportunities.
Raj K Gopalakrishnan, co‐founder & CEO of Kogo and Praveer Kochhar, co‐founder said, Our goal is to ensure that KOGO is the go‐to platform for automotive OEMs that give their users an experience of connecting with like‐minded people via our community and discovering new places and experiences in an engaging and unique gamified format.
There is a lot more planned as part of the partnership for the future that will also deliver integration solutions & apps to consumers, the travel eco‐system, brands, businesses and government. We are excited to progressively unveil our vision for travel, outdoors, hyper‐local, social and gamification, in the time to come.
Rakesh Verma, chairman and managing director of MapmyIndia and Rohan Verma, CEO & executive director said, Building world‐class digital maps & technologies and delivering their positive benefits to everyone through infinite use cases has been our core mission and conviction in India since the last 27 years through MapmyIndia, and now globally, through our global platform and brand, Mappls.
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Not just does this strategic investment and business partnership deepen MapmyIndia's automotive OEM portfolio and open up larger multi‐billion dollar addressable markets for the company, but it helps us deliver on the innate needs and aspiration of all people to travel and experience the world in better and more ways.
C.E. Info Systems (MapMyIndia) is engaged in provides digital map data, GPS navigation and location-based services, software and customizing its products to customers (combined) through royalty, annuity, subscription.
The company's consolidated net profit rose 17.5% to Rs 24.19 crore on a 50% increase in net sales to Rs 65.01 crore in Q1 FY22 over Q1 FY21.
Shares of C.E. Info Systems fell 0.07% to Rs 1,374.90 on the BSE.
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