Digital maps company CE Infosystem, which operates under the MapmyIndia brand, on Wednesday said it will acquire 9.9 per cent stake in geospatial company Pupilmesh Private Limited for about ₹49 lakh ($65,500).
MapmyIndia expects the acquisition to support its business opportunity in the area of navigation, it said in a regulatory filing.
According to the filing, the company requires no government approval for the acquisition and expects the transaction to be completed in a month.
The board of the company had approved the acquisition on January 27.
Pupilmesh’s turnover in the financial year 2021 increased to ₹2.37 lakh from ₹37,454 in FY 2020, according to the filing.
