Noida, India, July 21, 2022: IndiaMART InterMESH Limited (referred to as “IndiaMART” or the “Company”), today announced its financial results for the first quarter ending June 30, 2022.
Financial Highlights (Q1 FY2023):
IndiaMART reported consolidated Total Revenue from Operations of Rs. 225 Crore in Q1 FY23, a growth of 24% YoY primarily driven by 23% increase in number of paying subscription suppliers and addition of Rs. 10.53 Crore revenue from accounting software services. Consolidated Deferred Revenue increased by 34% YoY to Rs. 961 Crore as on June 30, 2022.
The Company continued making growth investments in manpower, product and technology, sales and servicing resulting into growth in revenue and paying subscription suppliers. As a result, consolidated EBITDA was Rs. 64 Crore for Q1 FY23 representing EBITDA margin of 29%. Expenses for the quarter also included one-time cost of Rs. 4.07 Crore related to the acquisition of Busy Infotech Private Limited and Finlite Technologies Private Limited, which have been consummated during the quarter. Net Profit for this quarter was Rs. 47 Crore representing margin of 21%.
Consolidated Cash Flow from Operations for the quarter was at Rs. 75 Crore. Cash and Investments balance stood at Rs. 1,882 Crore as on June 30, 2022.
Operational Highlights (Q1 FY2023):
IndiaMART registered traffic of 257 million and Total business enquiries of 115 million during Q1 FY23. Supplier Storefronts grew to 7.2 million, an increase of 10% YoY and paying subscription suppliers grew by 23% YoY to 179,260 with a net addition of 9,936 paying subscription suppliers during the quarter.
Commenting on the performance, Mr. Dinesh Agarwal, Chief Executive Officer, said:
“We are starting the fiscal year on a positive note as the quarter registered modest all-round profitable growth and improvement in overall demand environment. We continue to make investments in strengthening our value proposition as well as building the organization to further accelerate digital transformation of businesses. We look forward to capitalizing the emerging opportunities arising from the increasing adoption of the internet on the back of investments made in the recent quarters as well as a strong balance sheet.”
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About IndiaMART:
IndiaMART is India’s largest online B2B marketplace for business products and services. IndiaMART makes it easier to do business by connecting buyers and sellers across product categories and geographies in India through business enablement solutions. IndiaMART provides ease and convenience to the buyers by offering a wide assortment of products and a responsive seller base while offering lead generation, lead management and payment solutions to its sellers.
IndiaMART InterMESH Ltd. CIN :L74899DL1999PLC101534 Corporate Office Tower 2, Assotech Business Cresterra, Floor No.6, Plot No.22, Sec 135, Noida-201305, U.P.Registered Office 1st Floor, 29-Daryaganj, Netaji Subash Marg, Delhi – 110002.For any queries, please contact: investors@indiamart.com |
“Weekly pay has helped me maintain constant money flow, higher interest earnings, and greater cash liquidity to address my ongoing expenses. If you know how to supervise expenditure, there are only benefits of systematic, frequent and routine income.” – Paras Lehana, Lead Engineer, IndiaMART
The regular flow of money is essential to everyone’s well-being. We all know that paying employees on time is probably more critical than all of the other HR activities put together. This is particularly important in case of the new age employees, the millennials and Genz, many of whom live away from home, once-a-month paychecks hinder their experiences and are hampered by their payrolls’ lack of flexibility. More than ever before, employees value experiences, financial independence, a flexible work culture, and a work-life balance over a basic collection of belongings.
Taking into account the benefits of employees, IndiaMART initiated disbursing salaries weekly instead of monthly, another first by the organization catering to the changing expectations and dynamics of new-age employees. Employees who are paid weekly are better able to satisfy their immediate financial obligations. Not to mention how the weekly incentive quadruples the excitement of payday, making employees more fulfilled, as a result, more devoted to the organization’s goal.
The Weekly Payout System goes a long way towards supporting employees in overcoming financial issues and reclaiming control of their lives, positioning them for success in all aspects of their lives. Amid the fast-expanding Flexi work culture, instant satisfaction is what every employee wants, and IndiaMART’s decision to introduce weekly compensation is first-of-its-kind for any firm in the country. The company began moving in this manner many years ago when it switched to weekly incentive payouts for several roles across the firm.
After the announcements, questions poured in from employees, especially regarding the most recurring payments like various Bills that are by and large monthly payouts. So, IndiaMART has collated the best practices on how a person can plan their monthly finances that highlighted the Dos and Don’ts to be followed. With this, the company also conducted open houses along with business heads for employees to educate them on the best practices and take any questions or queries that they had.
Shivi Malhotra who is a Relationship Manager at IndiaMART was one of those employees who had their doubts about this decision initially, she said, “When initially the weekly payout module was explained to us I was a little skeptical that how are we going to manage the daily and fixed expenses. Even though it was a little confusing at the initial stage but when an unexpected expense came up in the 3rd week of March, I checked my bank statement and actually found the amount that I needed and that was the moment of relief.”
In contrast to the previous procedure of a one-time monthly payment, with weekly payouts, fixed components of remuneration, such as earnings and deductions, are separated into four portions and distributed to employees at the conclusion of each week.
All about employee satisfaction
In a time when consumerism is increasingly influenced by digital platforms, social influencers, and increased brand awareness which is leading to more fast-buying methods, it seems unfair for the employees to wait a whole month for their pay. A regular flow of money is hence essential to the well-being, financial wellness, and employee motivation of any individual. Payment on a weekly basis makes it easier for them to meet their real-time fiscal obligations. In developed countries such as New Zealand, Australia, Hong Kong, and the United States, weekly payouts are already commonplace.
The weekly payout system is a part of the larger efforts of IndiaMART, to work towards the betterment of the employees. Like, during the pandemic, the company introduced many initiatives to aid employees in a seamless transition from work office to work from home. Programmes like iLeaps, iBuds, and Own your Desktop by the company enabled the employees to work efficiently from home by extending to them the resources to own their office laptops and providing discounted rates on online courses to broaden their horizons.
Beyond their own workforce, IndiaMART has taken several steps in the last two years to reach out to underserved segments of the workforce through their Online Associate programme, onboarding over 3500 freelancers, including people with disabilities, and women returning to the workforce after a break, and aspirants from remote locations. Their latest action is simply another step in the same direction. Keeping a healthy balance is extremely difficult in an always-on-the-go world. Employees need both the opportunities as well as the resources to decompress and rebalance. IndiaMART’s announcement for the Weekly Payout System, hence, goes a big way in helping employees alleviate their financial hardships and regain control of their lives – positioning them for success in every aspect.
Hello Reader,
While Zomato‘s $636-million deal to acquire Blink Commerce (which operates Blinkit) has generated excitement in India’s quick-commerce industry, some smaller players are feeling the heat.
Ola has decided to shut its quick commerce business, Ola Dash. The announcement comes just months after the company had announced expansion plans. The shared mobility major has decided to prioritise Ola Electric, and will also be reorienting Ola Cars, its used-cars retailing division.
But electric vehicles aren’t easy to tame.
After a video of a Tata Nexon EV catching fire went viral recently, Ola CEO Bhavish Aggarwal tweeted that any car could catch fire, but EVs were much safer than internal combustion engines.
The fourth edition of the week-long India MSME Summit 2022 has seen some insightful conversations from small business entrepreneurs and industry stakeholders.
During a fireside chat, Dinesh Agarwal, Founder and CEO of IndiaMart, discussed how Indian MSMEs can overcome their existing challenges and more after COVID-19.
SMBStory also spoke to industry stakeholders to find solutions to the working capital problem MSMEs face, and the way forward.
The best is kept for the last, as YourStory gears up to host the Grand Finale on June 27, which will host speakers from different industries, policymakers and influential leaders, to discuss what’s next for the sector.
Why attend the Grand Finale?
Watch the event live on YourStory TV, Facebook, and LinkedIn. To receive the premiere link, register here.
During a fireside chat at the India MSME Summit 2022, Dinesh Agarwal, Founder and CEO of IndiaMart, discussed how Indian MSMEs can overcome their existing challenges and more after COVID-19.
In this “new normal”, after two years of the COVID-19 pandemic, businesses across the board have had to re-strategise their short and long-term goals to cope with the new realities.
Especially MSMEs had to respond to the challenges at hand, ensure productivity, stay connected and engaged with their workforce, and create value as an organisation.
During a fireside chat on day 5 of the India MSME Summit 2022, Dinesh Agarwal, Founder and CEO of IndiaMart, discussed how Indian MSMEs can overcome their existing challenges and how better implementation of policies can help small businesses.
The fourth edition of the India MSME Summit 2022 is a week-long celebration, between June 21 and 27, with a grand finale on India MSME Day.
Simpler and wider adoption: In the last few years, the government introduced policies like the Production Linked Incentive (PLI) scheme, but the MSMEs saw mixed results from the scheme amid the COVID-19 pandemic.
He also highlighted that the government should simplify the Goods and Services Tax (regimes), which will enable its wider and quicker adoption.
Going digital: Digital adoption is rapidly ongoing among Indian MSMEs as it significantly lowers the cost for any business.
According to Dinesh, around 90 million users visit IndiaMart’s website every month. The company has also developed an artificial intelligence (AI) based system that would understand different languages.
Change in mindset: MSMEs are inherently traditional. However, their mindset seems to be changing as more and more small business owners are ready to part with equity to grow their businesses.
The last few years saw several MSMEs getting listed on NSE and BSE’s SME exchange platforms, and more small business owners are considering stock market listing in the future.
Hybrid working: One of the biggest lessons the COVID-19 pandemic taught us is to have a hybrid work culture and communicate more because meeting in person may not always be possible.
Building strong supply chains: The pandemic helped everyone understand the importance of supply chain and trade management. At a time when the world was on a lockdown, supply chains helped procure medical supplies and other necessities, which calls for building resilient and future-proof supply chains.
IndiaMART CRM users can now get their leads on their ZOHO CRM through this plugin without paying any extra charges
IndiaMART has launched its Official plugin at the ZOHO Marketplace for integrating IndiaMART’s Lead Manager with ZOHO CRM. The plugin integrates the data of all accessible leads on IndiaMART’s Lead Manager using IndiaMART’s CRM API v2. This Plugin along with the Lead Manager CRM API has been developed only to facilitate the Power Sellers who wish to follow up the IndiaMART Leads to convert into deals in their own way.
Now, the sellers of IndiaMART who use ZOHO CRM, and IndiaMART Lead Manager can get their IndiaMART leads on their ZOHO CRM through this plugin without paying any extra charges.
More than 5.5% of IndiaMART CRM-API active users use ZOHO CRM, and this free plugin will be helpful to all of them to have all their leads in one place. Talking about the USP, the company said, “Sellers need to pay a subscription amount for other plugins of CRM platforms that are on ZOHO Marketplace. IndiaMART provides the same without any cost.”
The plugin automatically updates new IndiaMART leads every two hours and provides the ability to manually fetch old leads up to the last 365 days, in chunks of 7 days) into your ZOHO CRM. It assists in the classification of IndiaMART leads into Buyleads, PNS calls, and direct inquiries, as well as the avoidance of duplicate records
“There are a few vendors who provide similar IndiaMART plugins on the ZOHO marketplace at an average cost of $3 per month which is being used by many businesses. The total installs across all those plugins are more than 1200. Therefore, to make business doing easy for our customers we developed our own official IndiaMART plugin at no extra cost. This will be useful to our power sellers who use Zoho CRM to consolidate all communications between salespeople and customers in one location, allowing them to make the most of interactions at any time. Also, IndiaMART’s official plugin will be the only one that also allows its users to retrieve old leads which were not available to date,” says Amarinder Singh Dhaliwal, Chief Product Officer, IndiaMART.
Some of the features of the IndiaMART plugin include are auto-updating leads from IndiaMART to Zoho CRM’s Leads module, updating all important fields from IndiaMART to Zoho CRM, allowing manual fetching of old leads helping in segregating IndiaMART leads and different enquiry types into buy leads, PNS calls, and direct enquiries, and prevents duplicate record creation.
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It is no secret that in the last couple of years, it has become easier to do transactions and the supply chain ow has become smoother in the B2B marketplace. Dinesh Agarwal, the founder, and CEO of IndiaMART, says this is because of an increase in the internet footprint.
Agarwal started Indiamart, a B2B platform for SMEs, way back in 1996. “There was very low penetration of computers and the internet in India. Information ow was not that easy. If you’re sitting in the US or Australia and trying to nd something, some products or services from India or China, the most information you’d get was in the print directories or at the export promotion councils. Information exchange and trade would happen through embassies and trade fairs, which was expensive, and not many people used to do that,” he says.
Then in 2002, the BPO industry boomed in India. Slowly internet usage spread, computers became cheaper and information ow over email and other digital modes became common. Then came the widespread adoption of smartphones and cheaper internet services. “Once 3G and smartphones were launched, internet penetration grew tenfold. Smaller businesses from the hinterlands could nd out prices or suppliers in Delhi, Mumbai, and other places. The entire ecosystem changed dramatically,” he says.
This change got a further push with demonetization, GST adoption, and other things like the use of the Unified Payments Interface.