Venture capital investors Lightbox and Nexus Ventures are in talks to exit their investment in CE Infosystems, now known as MapMyIndia, reported TechCircle, without sharing the names of any prospective buyers.
MapMyIndia, however, has denied that the VC’s are exiting the company. When Medianama spoke toAnil Nagwani, White Fish Communications, who handles MapMyIndia’s communication, he said the reports are not true. We have contacted the investors for more details and will be updated once we hear from them.
Update: Lightbox’s Sandeep Murthy has also denied they’re considering an exit from MapMyIndia. He informed Medianama, “Investors always plan a good exit for the company, but we’re not interested in exiting as an investor in MapMyIndia. Lightbox has just absorbed Sherpalo’s and KPCB’s investments in India, which includes MapMyIndia. We have no reason to exit right away.”
Do note that Krishna Vinjamuri, principal at Lightbox Ventures had already confirmed its plans to exit MapMyIndia to TechCircle. He had said that they are in talks to exit MapmyIndia to show liquidity to their investors. The report also states that MapMyIndia is not heading for an IPO, which could provide and alternate exit option to its investors.
MapMyIndia’s current investors on its website include Qualcomm Ventures, Zenrin, KPCB, Nexus Ventures and Sherpalo. VC firm Lightbox Ventures was created after Sherpalo and KPCB decided to shift focus back to western markets, and Lightbox absorbed the Indian companies the two VCs had invested in – one of them being MapMyIndia. Other investments in Lightbox’s India portfolio include Greendust, Zoomin, PayMate, FutureBazaar and Kotak Urja.