Biography of Rakesh Verma: Co-Founder & MD of MapmyIndia (CE Info System)- Entrepreneur
Biography of Rakesh Verma:
The Visionary Begins
In 1994, Rakesh Verma embarked on an ambitious journey to
reshape India’s approach to navigation and mapping. As the Managing Director
and Co-founder of MapmyIndia, his goal was to create a comprehensive digital
map of India. At the time, digital mapping was an emerging concept globally,
and India lacked any substantial digital map infrastructure. Rakesh's
initiative aimed to fill this gap, setting the stage for a revolution in how
people navigated and accessed geographic information in the country.
Educational Background and Expertise
Rakesh Verma's academic background reflects a strong
commitment to his fields of interest. He earned a Bachelor of Engineering in
Mechanical Engineering from the Birla Institute of Technology and Science,
Pilani, in 1972. He furthered his education with a Master of Business
Administration from Eastern Washington University in 1979. His educational
qualifications, combined with his extensive industry experience, have equipped
him with the skills and knowledge to lead MapmyIndia and drive innovation in
the mapping and navigation sector.
Early Career and Foundation Building
Before founding MapmyIndia, Verma built a robust career across
several industries. He began his professional journey as an Engineer at Jai
Engineering Services in Calcutta from 1972 to 1973. Following this, he worked
as a General Manager at Bank of India from 1974 to 1977, where he honed his
management skills. His career continued to evolve with roles at General Motors
in the USA from 1979 to 1989, where he worked on the Saturn Car project, and
later as Joint GM (Marketing) at TCIL from 1990 to 1991. These experiences laid
a solid foundation for his entrepreneurial ventures.
Investment and Growth
The company’s innovative approach and success in the market
caught the eye of prominent private equity firms. MapmyIndia secured funding
from influential investors, including Kleiner Perkins Caufield & Byers,
Sherpalo Ventures, and Qualcomm Venture. These investments provided the resources
needed to accelerate growth and development, leading to an impressive 600%
increase in the company’s growth over the last three years. This financial
backing was crucial in helping MapmyIndia expand its offerings and maintain its
competitive edge in the market.
A New Beginning
Rakesh Verma’s journey from a successful career in the US to
co-founding MapmyIndia in India was marked by significant personal and
professional shifts. In 1990, he decided to leave his role at General Motors
and return to India. Partnering with his wife, Rashmi Verma, he co-founded CE
Info Systems, which would later be rebranded as MapmyIndia. Their decision to
return to India was driven by a strong desire to contribute to the country’s
development and leverage their skills in a new and impactful way.
The Birth of MapmyIndia
The idea for MapmyIndia was born from Rakesh’s exposure to
Geographic Information Systems (GIS) in 1993. Recognizing the potential
benefits of GIS for businesses, government, and individuals, he set out to
create India’s first comprehensive digital map. Starting with no existing
digital maps, Rakesh and Rashmi embarked on a pioneering project to build a
detailed digital map of India from the ground up. This endeavor was ambitious
and required significant effort and resources to bring to fruition.
A Legacy of Innovation
Rakesh Verma, a visionary entrepreneur, has been at the helm
of MapmyIndia as its Chairman and Managing Director since April 1995. Under his
leadership, MapmyIndia has grown to become a leading provider of mapping and
navigation solutions in India. With nearly three decades of dedication to the
company, Verma has played a crucial role in shaping the future of
location-based services and digital mapping in the country, ensuring that
MapmyIndia remains at the forefront of this dynamic industry.
Innovative Products
MapmyIndia continued to lead the way in innovation with the
introduction of several groundbreaking products. Among these was the CarPad,
launched as India’s first internet-connected car navigation tablet.
Additionally, the company unveiled an Android-based, internet-connected in-dash
navigation system at the Auto Expo 2012. These advancements not only enhanced
the functionality of navigation systems but also set new standards in the
industry, further establishing MapmyIndia’s reputation as a trailblazer.
Biography of Rakesh Verma: Co-Founder & MD of MapmyIndia (CE Info System) /Entrepreneur/Investor/Age/Net Worth/Success story of Rakesh Verma/ MapmyIndia
A Revolutionary Leap
By 2004, MapmyIndia achieved a significant milestone with the launch of India’s first interactive mapping portal, MapmyIndia.com. This platform was a breakthrough in Indian technology, offering users detailed digital maps, local search functions, and directions. It marked a major advancement from traditional paper maps and rudimentary navigation aids, providing a more dynamic and user-friendly experience for navigating across India’s diverse landscapes.
Expanding Horizons
The company continued its trajectory of innovation with the
introduction of the All India GPS Navigator in 2007. This was a notable
achievement as it was India’s first GPS navigation device tailored for personal
use in vehicles. The device quickly gained popularity, becoming the
best-selling personal navigation tool in the country. It helped drivers across
India navigate roads with ease and accuracy, solidifying MapmyIndia’s role as a
leader in the navigation technology space.
Partnering with Giants
MapmyIndia’s growing success attracted the attention of
major automotive companies. By integrating its navigation systems into the
dashboards of high-profile car manufacturers like BMW, Mahindra, Hyundai, and
Ford, the company established itself as a trusted partner in the automotive
industry. These partnerships not only expanded MapmyIndia’s reach but also
validated its technology on a global stage, showcasing its ability to cater to
the needs of leading car makers.
Recognition and Awards
The industry and media recognized MapmyIndia’s contributions
to technology and innovation. The company received accolades from various
institutions, including a prestigious award from NASSCOM for IT innovation. GPS
Business News also honored Rakesh Verma as the World’s GPS Businessman in 2007.
These awards underscored MapmyIndia’s significant impact on the geospatial
sector and its role in advancing navigation technology in India.
Dynamic Leadership
Rakesh Verma’s approach to leadership has been integral to
MapmyIndia’s success. He emphasizes the importance of instilling passion and a
sense of ownership among employees. His leadership style fosters a committed
workforce, evidenced by the low employee turnover rates and long tenures of
many team members. Rakesh’s focus on creating an environment where employees
feel valued and motivated has been crucial in driving the company’s growth and
success.
Focus on Innovation
Innovation is at the core of MapmyIndia’s business strategy.
Rakesh Verma believes that continuous product development and intrapreneurship
are key to sustaining success. By fostering a culture of ongoing innovation and
encouraging employees to explore new ideas, MapmyIndia has managed to stay
ahead of competitors and continually offer cutting-edge solutions in the
navigation and mapping space.
Planning for the Future
As Rakesh approaches retirement, he is focused on ensuring a
smooth transition of leadership to his son, Rohan Verma. Rohan, a graduate of
Stanford University and the London Business School, has been gradually
introduced into the leadership team over the past decade. This careful planning
and gradual transition are designed to prepare Rohan for the responsibilities
of leading MapmyIndia, ensuring that he is well-equipped to continue the
company’s legacy.
MapmyIndia's Stellar IPO Debut
MapmyIndia, a leading digital mapping company, made
headlines with a remarkable performance on its first day of trading following
its initial public offering (IPO). The company, officially known as CE Info
Systems Ltd, saw its shares surge more than 50% upon listing. Founded by Rakesh
and Rashmi Verma, MapmyIndia’s IPO was met with a strong market reception, with
the stock opening at a 52% premium over its issue price.
The Personal Touch
Rakesh Verma’s personal journey is as inspiring as his
professional achievements. Born in Patna and raised in Kolkata, Rakesh pursued
engineering at BITS Pilani before moving to the US for further education and
work. His career in the US, including roles at General Motors and IBM, provided
valuable insights and experience. These experiences, along with the lessons
learned during his time in the US, played a significant role in shaping his
approach to business and leadership upon returning to India.
The Return to India
Leaving behind established careers in the US, Rakesh and
Rashmi Verma returned to India in the early 90s with a vision to make a
meaningful impact. Their decision to move back was driven by a commitment to
contribute to their homeland’s development. Despite the challenges of starting
a new business in a different environment, their determination and vision laid
the foundation for what would become MapmyIndia.
A Legacy of Innovation
The story of MapmyIndia is a testament to the power of
vision and innovation. From its inception to its current status as a leader in
digital mapping, the company’s journey reflects the dedication and foresight of
its founders. Rakesh Verma’s leadership and commitment to continuous innovation
have been instrumental in establishing MapmyIndia as a pioneer in the
geospatial technology sector, leaving a lasting legacy in the field.
A timeline summarizing Rakesh Verma’s journey and
MapmyIndia's milestones:
1992: Rakesh Verma and Rashmi Verma co-founded CE Info
Systems, which later became MapmyIndia.
1994: MapmyIndia began its mission to create a comprehensive
digital map of India.
1995: Rakesh Verma became the Chairman and Managing Director
of MapmyIndia.
2004: Launched MapmyIndia.com, India’s first interactive
mapping portal.
2007: Introduced the All India GPS Navigator, India’s first
GPS navigation device for personal use.
2007: Rakesh Verma was honored as the World’s GPS Businessman by GPS Business News.
2010: Released CarPad, India’s first internet-connected car
navigation tablet.
2012: Unveiled an Android-based, internet-connected in-dash navigation system at the Auto Expo.
2021: MapmyIndia made a successful debut on the stock market
with its IPO, shares surged over 50%.
2024: Rakesh Verma plans a leadership transition to his son,
Rohan Verma.
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