Flipkart has acquired a strategic minority stake in MapmyIndia (CE Info Systems Pvt. Ltd.), a company providing digital map data, GPS navigation, tracking, location-based apps and GIS solutions, to transform the technology of its supply chain.
Back in February 2009, MapmyIndia had secured $9 million from Qualcomm Ventures, Nexus India, KPCB and Sherpalo Ventures. KPCB and Sherpalo’s stake was bought by Lightbox in 2014. With Flipkart’s investment, MapmyIndia’s financial investors, Nexus Venture Partners and Lightbox Ventures, will exit the company whereas rest of the VCs will continue.
The objective of this partnership is to deploy Location intelligence capabilities across Flipkart’s logistics network, enabling it to strengthen its first-mile pickup, and last mile delivery operations. In the future, several unique and industry-first services are likely to be introduced, e.g. better Address Verification, real-time Shipment Tracking, Facility Mapping and Theft Minimization via Geo-fencing among many others.
Adding a comment on the development, Binny Bansal, COO and Co-founder, Flipkart, said, “The integration of comprehensive and accurate location data will allow us to deliver an even more personalized and delightful experience to our customers. This partnership is a strategic fit that gives us a sustainable competitive advantage”.Category Business News