- IndiaMART.com registers impressive growth despite recession.
- Rise in supplier registration signals recessionary pressure on SMEs.
New Delhi, 8 July 2009: IndiaMART.com, India’s largest online B2B marketplace, reports an impressive growth of 40 percent in revenues for 2008-2009 despite an economic downturn. The growth in revenues has also been backed by a robust 52 percent growth in supplier registrations.
“Our numbers speak for themselves, While the whole world is busy hiding behind words like recession and economic downturn to conceal their poor performance, our teams have strived hard to keep the winning streak going,” said a beaming Dinesh Agarwal, CEO and Founder of IndiaMART.com. Agarwal feels the steep rise in registrations is clearly indicative of recessionary pressure on entrepreneurs to make do with show string marketing budgets, which naturally pushes them to seek online marketing as the most credible and effective option. As the market leader, IndiaMART is always keen to take on path breaking initiatives to sensitize SMEs about online marketing and adoption of technology through events, trade shows and conferences.
IndiaMART.com has been ranked India’s No. 1 online B2B marketplace by the Internet and Mobile Association of India (IAMAI) in its recent study done on Information, Communication & Technology (ICT) usage among Micro, Small and Medium Enterprises (MSMEs). The independent market research, with special focus on online B2B marketplaces, accords over 85 percent preference for IndiaMART among B2B suppliers who go online, and who were interviewed by IAMAI. The study also states a 60 per cent market share for IndiaMART.com in India.
IndiaMART.com received its first round of private equity investment from Intel Capital earlier this year. Bennet Coleman and Co Ltd, publishers of The Times of India and The Economic Times, also have a stake in IndiaMART as a private treaty partner.