AAA Zenrin carving up Indian map(maker)

Zenrin carving up Indian map(maker)

Japanese map publisher Zenrin is reportedly on the verge of buying a 24% stake in India-based digital map company MapmyIndia at a valuation of $125m. 

Zenrin is in late-stage talks with the company to invest $30m, according to news provider Economic Times. The funds would be used to expand operations  and provide a partial exit for some existing investors.

The company has received funding from corporate venturing unit Qualcomm Ventures and venture capital firms Kleiner Perkins Caufield Byers, Sherpalo Ventures and Nexus India Capital.

MapMyIndia, which is the brand name of CE Info Systems, has raised $9m in a series C round in 2009, and $25m in series B funding in 2007, according to data provider CrunchBase. This suggests the latest investment will mean it has raised more than $64m.  

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