IndiaMART InterMESH Announces 100% Ownership of Busy Infotech and Further Invested in Vyapar and Legistify
“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 Mr Dinesh Agarwal, founder and MD of IndiaMART.
IndiaMART, the largest B2B marketplace of India, has entered into an agreement to acquire 100% ownership of Busy Infotech Private Limited (hereinafter ‘Busy’) for a cash consideration of Rs 500 Crores.
Busy is one of the largest accounting software companies in India. It was incorporated in 1997 and has a pan – Indian presence. It had revenues of Rs 42.4 Crores and a profit after tax of Rs 11 Crores in FY’21.
“Busy has been an established brand in the Indian Accounting Landscape for the last twenty-five years. Thousands of Indian Businesses rely on Busy for their accounting needs, and their value proposition fits in well with IndiaMART’s long term objective of making doing business easy for Indian businesses. 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 Mr Dinesh Agarwal, founder and MD of IndiaMART.
IndiaMART has also annonced its participation in the Series B Investment Round of Simply Vyapar Apps Private Limited (‘Vyapar’), of Rs 217.5 Crores. The round has been led by Westbridge Capital, along with the participation of existing investor India Quotient.
IndiaMART had previously led Vyapar’s Series A Investment Round in September 2019, by investing Rs 31.2 Crores for a 26% stake in the company. Vyapar offers a comprehensive GST Billing, Accounting and Inventory Management Product for Small Businesses, which allows them to digitize their business operations. It has over 1 Lakh paying customers for its product.
Speaking about this investment, Mr. Dinesh Agarwal, founder and MD of IndiaMART said “We had initially invested in Vyapar with a strong belief in the product and in the team’s ability to execute at scale. We are gratified to have seen Vyapar grow several times since then – they currently have over 4.5 Lakh users of their product, with over 1 Lakh paid customers. We continue to be excited and partner for their next phase of growth, as part of our long-term vision to make doing business easy for millions of Indian businesses.”
Along with the above-mentioned investments, IndiaMART indirectly through its wholly owned subsidiary, Tradezeal, has agreed to acquire 75,000, 0.0001% Compulsorily Convertible Debentures (‘CCDs’) in Legistify. Legistify, offers a SaaS tool which allows businesses to manage their legal workflows.