C.E. Info Systems Limited Acquires 26.37% Stake In Kogo Tech Labs

Map My India has been in the eyes of leading brokerage firms and equity analysts for a while. This IPO was listed at the ending month of the previous year, and since then, the stock has shown so much volatility. However, many brokerage firms have high hopes for this newly listed company as it provides digital maps services, software as a service, and platform as a service all in one place.

Recently, the company acquired a big stake in a technology startup Kogo Tech Labs Private Limited. MapmyIndia has acquired over 26.37% stake for over $1.25 Million or 10 Crore Rupees. on the Kogo Tech Labs. In the latest stock exchange announcement, MapmyIndia mentioned that this company would help build travel and improve the platform. MapmyIndia company has also mentioned that it is given an option to raise its stake to 50% in 2 years.

In the document provided on the latest announcement to the Bombay stock exchange, the company mentioned,"MapmyIndia (C.E. Info Systems Ltd.), India's leader, and global provider of, advanced digital maps and deep‐tech products & platforms, had announced that it has acquired 26.37% stake in Kogo Tech Labs Private Limited, a cutting‐ edge start‐up aiming to build the world's largest travel & hyper‐local discovery, recommendations, commerce, social and gamified platform, for USD 1.25 Mn (INR 10 Cr), with option to raise stake to 50% in 2 years. "