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Friday, June 21, 2024

IndiaMART invested over Rs 900 cr to acquire startups; Here’s why

Since going public, Noida-based B2B platform IndiaMART has invested in over a dozen firms. Here’s an in-depth look at what the company looks for in a startup.

When IndiaMART InterMESH Ltd, an online business-to-business (B2B) marketplace, secured around Rs 1,070 crore from eligible institutional buyers in February 2021, it had a clear goal in mind: expansion.

Inorganic growth, on the other hand, is difficult for IndiaMART, which supports buy-sell transactions in over 97,000 different categories.

After all, it wanted to find firms that had a complementary synergy that would benefit its network of over 143 million customers and 7 million+ storefronts.

Between February and November 2021, “we visited with over 200-300 companies and studied various areas,” says Dinesh Agarwal, Founder and CEO of IndiaMART.

While the Noida-based firm had made a few acquisitions previously, the buying spree truly began last year.

It has invested about Rs 905 crore on 13 transactions since April 2021.

In fact, it has invested in nine software firms in the last five months – since October 2021 — including Zimyo, Realbooks, IMPL, Fleetx Technologies, Busy Infotech, Simply Vyapar, Legistify, EasyEcom, and M1Xchange.

According to Dinesh, these investments in accounting, logistics, and other areas are likely to help IndiaMART’s customers grow their businesses. The goal was straightforward: to help businesses in India adopt digital technology.

The COVID-19 pandemic has been a catalyst of sorts for digital adoption and adaption across India Inc, and small and medium enterprises have learned the value of digital in a harsher way, says an investment banker who, on the condition of anonymity, has been working closely with startups that have listing plans in the near future.

IndiaMART is now hoping to capitalise on this growing demand. “There are three categories: micro and small, medium, and huge.”

There is a separate offering required for each of them. One size does not fit all,” Dinesh explains.

In accounting, for example, micro and small firms can profit from Vyapaar’s solutions, medium-sized organisations can use Busy’s software, and large businesses that require a multi-location facility can use Realbooks Then, Zimyo handles HR and payroll management, and M1Xchange handles invoicing.

While the majority of these are small-scale investments, IndiaMART still has a lot to gain – and a lot to contribute.

What does it mean for startups?

Punit Gupta, Founder and CEO of ecommerce solutions company EasyEcom, previously stated, “More than the funds, we are pleased about the alliance, where we are able to engage with them (IndiaMART) to drive our journey.” website: www.zimyo.com

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