The e-commerce company IndiaMART Intermesh has acquired 100 per cent ownership of Busy Infotech for Rs 500 crore.
Founded in 1996, IndiaMART Intermesh provides business-to-business and customer-to-customer sales services on its platform.
Busy Infotech is one of the largest accounting software companies in India. It was incorporated in 1997 and has pan-India presence.
“This acquisition further augments IndiaMART’s value proposition and given our large customer base as well as market understanding, we are confident of taking Busy to the next level,” said Dinesh Agarwal, Founder and MD at IndiaMART.
Further, IndiaMART announced its participation in the ‘Series B investment round’ of Simply Vyapar Apps (‘Vyapar’) of Rs 217.5 crore, it said in a statement, adding that it was led by Westbridge Capital, along with participation from the existing investor — India Quotient.
“IndiaMART had previously led Vyapar’s Series A investment round in September 2019 by investing Rs 31.2 crore for a 26 per cent stake in the company. Vyapar offers comprehensive GST billing, accounting and inventory management product for small businesses, which allows them to digitise their business operations,” the company said in the statement on Tuesday.
On Monday, IndiaMART had reported its consolidated total revenue from operations in Q3FY22 at Rs 188 crore, up 8 per cent YoY.
The growth was driven by improvement in realisation from existing customers and increase in number of paying subscription suppliers, it said.
Net profits during the quarter stood at Rs 70 crore.
Reacting on the earnings, Agarwal said on Monday: “On the back of a strong balance sheet and cash flow from operations, we will continue to invest in our employees and product offerings for our customers that create long-term value for our shareholders.”