CE Info Systems (MapMyIndia) announced that it had acquired a 26.37 per cent stake in Kogo Tech Labs to build travel & hyper-local discovery, social, gamified, commerce, and gamified platforms integrated with maps and navigation. Along with an option to stake raise in two years at 50 per cent and the acquisition cost of 6.37 per cent stake stood at $ 1.25 million.

Raj K Gopalakrishnan, co‐founder & CEO of Kogo and Praveer Kochhar, co‐founder, said, “Our goal is to ensure that KOGO is the go‐to platform for automotive OEMs that give their users an experience of connecting with like‐minded people via our community and discovering new places and experiences in an engaging and unique gamified format.”

Rakesh Verma, chairman and managing director of MapmyIndia and Rohan Verma, CEO & executive director, said, “Building world‐class digital maps & technologies and delivering their positive benefits to everyone through infinite use cases has been our core mission and conviction in India since the last 27 years through MapmyIndia, and now globally, through our global platform and brand, Mappls.”

CE Info Systems (MapMyIndia) is a company that provides digital map data and GPS navigation software and customises its products to customers (combined) through an annuity, subscription and royalty.

On a consolidated basis, the net profit rose 17.5 per cent to Rs 24.19 crore on a 50 per cent increase in net sales to Rs 65.01 crore in the first quarter of FY22 over the first quarter of FY21. Also, CE Info Systems shares fell 0.07 per cent to Rs 1,374.90 on the BSE today.