Flipkart is acquiring a 34% stake in the Qualcomm-backed digital mapping company, enabling VC backers Lightbox and Nexus Venture Partners to exit.
E-commerce company Flipkart is set to acquire a 34% stake in India-based digital map provider MapmyIndia in a deal that values MapmyIndia at about $260m, the Economic Times has reported.
The valuation would place Flipkart’s investment at roughly $87m. It will invest $5m directly, while the other $82m will be used to buy out existing investors Lightbox and Nexus Venture Partners, according to filings with India’s Ministry of Corporate Affairs.
Founded in 1992, MapmyIndia provides a range of digital mapping…
