14.1 C
New Delhi
Saturday, December 7, 2024

IndiaMART strengthens ties with Mobisy Tech, focuses on SaaS market

Published:

IndiaMART, a leading B2B marketplace, has announced that it will acquire an additional stake in Bengaluru-based Mobisy Technologies, which operates SaaS startup Bizom.

IndiaMART to acquire 100 equity worth INR 14.3 Cr

The deal is worth INR 14.3 Cr and is an all-cash transaction. As part of the deal, IndiaMART will pick up 100 equity shares and 91,804 compulsory convertible preference shares (CCPS) in Mobisy.

Continue Exploring: Global Black Friday strike: Amazon India employees push for fair wages

Post the completion of the deal, IndiaMART will own 31.33% stake in the SaaS startup. IndiaMART said in its filing, “Consequent to consummation of primary transaction…, 80,000 compulsorily convertible debentures (CCDs) subscribed by the Company (as referred in our earlier intimation dated December 06, 2023) are likely to be converted into approximately 42,697, 0.001% CCPS of the face value of INR 1/- each to the company.”

IndiaMART invests INR 8 Cr in Mobisy in 2023

The transaction is expected to close within 90 days. IndiaMART also said that the fresh investment in Mobisy is in line with its “long term objective of offering various SaaS-based solutions for businesses”. This investment is not IndiaMART’s first in Mobisy. In 2023, IndiaMART had invested INR 8 Cr in Mobisy by subscribing to 80,000 CCD.

Continue Exploring: Zepto accelerates Car care deliveries with Park+ partnership in q-commerce leap

Established in 2008 by Lalit Bhise, Mobisy offers SaaS-based distribution technology solutions for brands and B2B retailers. Its platform allows businesses to digitise end-to-end sales and distribution platforms via its suite of tools. As per IndiaMART’s BSE filings, Mobisy’s turnover stood at INR 78.6 Cr in the fiscal year 2023-24 (FY24), up from INR 63.9 Cr in FY23.

Started in 1996 by Dinesh and Brijesh Agarwal, IndiaMART operates a marketplace that allows sellers to list on its platform and earns revenue from leads, business enquiries and services offered to its clients. The company saw its consolidated net profit nearly double year-on-year (YoY) to INR 135.1 Cr in the second quarter (Q2) of the financial year 2024-25 (FY25) from INR 69.4 Cr in the same period last year.

Subscribe to our Newsletter!

Stay updated on the latest news, trends, and top startups with Snackfax's daily newsletter!

Related articles

Recent articles