IndiaMART

IndiaMart posts profit of Rs 31.4 Cr in first quarter of FY20 | YourStory

YourStory

On June 24, the online marketplace IndiaMART InterMESH launched its Initial Public Offering (IPO). Its business products and services was subscribed 36.16 times on the final day of bidding.

The company had recorded a loss of Rs 56.7 crore in the same period a year ago. 

The total consolidated income of IndiaMart increased by 37.5 percent to Rs 161.6 crore during the reported quarter from Rs 117.5 crore in the corresponding period of 2018-19. 

“Consolidated revenue from operations grew by 30 percent on YoY basis due to increase in number of paying subscribers as well as higher realisation from existing customers. Consolidated Deferred Revenue grew by 32 percent from Rs 461 crore in first quarter of financial year 2019 to Rs 610 crore in first quarter of FY 2020 leading to much better visibility for revenues in future,” IndiaMart said in a statement. 

Paying subscription suppliers increased to 1.32 lakh from 1.13 lakh on YoY basis. 

“Our growth is a result of focus on execution and measures undertaken towards enhancing buyer and supplier experience. We are continuously investing in expanding our network, enhancing our technological capabilities and acquiring the best minds from the industry, IndiaMART Intermesh, Managing Director, Dinesh Agarwal said.

On June 24, the  online marketplace IndiaMART InterMESH launched its Initial Public Offering (IPO). The IPO was subscribed 36.16 times on the final day of bidding.

The Rs 475-crore IPO received bids for 9,73,85,775 shares against the total issue size of 26,92,824 shares, according to the NSE data till 1900 hours.

The qualified institutional buyers’ book was subscribed close to 30.83 times, non-institutional investors 62.12 times and retail individual investors 13.37 times, according to merchant banking sources.

Founded by cousins Dinesh Agarwal and Brijesh Agrawal in 1996 with seed money of Rs 40,000, IndiaMART InterMesh is an online B2B marketplace for business products and services, connecting buyers with suppliers. The company focuses on providing a platform to small and medium enterprises (SMEs), large enterprises, as well as individuals.

IndiaMART InterMESH jumps after stellar Q1 performance | Business Standard

Business Standard

IndiaMART InterMESH rose 4.47% to Rs 1,256.65 at 9:19 IST on BSE after the company reported consolidated net profit of Rs 32.40 crore in Q1 June 2019 compared with net loss of Rs 56.40 crore in Q1 June 2018.

The result was announced after market hours yesterday, 31 July 2019.

Meanwhile, S&P BSE Sensex was down 191.01 points or 0.51% at 37,290.11.

On BSE, 752 shares were traded in IndiaMART InterMESH counter, compared to a 2-week average of 2,220 shares. The stock hit an intraday high of Rs 1,273.70 and an intraday low of Rs 1,226.30. It hit a 52-week high of Rs 1,367 on 8 July 2019 and a 52-week low of Rs 1,173.45 on 31 July 2019.

IndiaMART InterMESH’s consolidated net sales rose 30% to Rs 147.30 crore in Q1 June 2019 over Q1 June 2018 due to increase in number of paying subscribers as well as higher realization from existing customers.

Consolidated EBITDA surged 201% to Rs 37 crore during the period under review, owing to increase in revenue and optimum utilization of resources. The consolidated EBITDA margin improved to 25% in Q1 June 2019 from 11% in Q1 June 2018.

Total business enquiries delivered witnessed an increase to 113 million from 98 million, a growth of 15%. Supplier storefronts grew to 5.6 million in Q1 June 2019 from 5.1 million in Q1 June 2018, an increase of 11% YoY. During the same period, paying subscription suppliers witnessed an increase to 132.5 thousand from 113.1 thousand, a growth of 17%.

The consolidated cash generated from operating activities increased 20% to Rs 54 crore in Q1 June 2019 over Q1 June 2018. The company’s consolidated cash and investments also made a major leap of 67% to Rs 746 crore during Q1 June 2019 as against Q1 June 2018.

IndiaMART InterMESH,’s managing director, Dinesh Agarwal, said “We are pleased to report results for the first quarter ending June 2019. Our growth is a result of focus on execution and measures undertaken towards enhancing buyer and supplier experience. We are continuously investing in expanding our network, enhancing our technological capabilities and acquiring the best minds from the industry. We are hopeful that these measures would hold us in good stead going forward as well.”

IndiaMART InterMESH is an Indian online B2B marketplace. It is a platform to integrate buyers and sellers through business solutions and connects sellers and buyers globally.

IndiaMART InterMESH Limited reports 37% YoY growth in Revenues in Q1 FY’20 | India News & Times

India News & Times

IndiaMART InterMESH Limited (referred to as “IndiaMART” or the “Company”), today announced its financial results for the first quarter ending June 30, 2019.

Performance Highlights: Q1 FY2020 vs. Q1 FY2019 :

  • Consolidated Total Income of Rs. 162 Crore, YoY growth of37%
  • Consolidated EBITDA of Rs. 37 Crore representing 25%Margin
  • Consolidated Cash generated from Operations at Rs. 54Crore

Highlights for the Quarter ended June 30, 2019:   

IndiaMART reported consolidated Total Income of Rs. 162 Crores, 37% growth YoY, primarily driven by increase in revenue from operations. Consolidated Revenue from operations grew by 30% on YoY basis due to increase in number of paying subscribers as well as higher realization from existing customers. Consolidated Deferred Revenue grew by 32% from Rs. 461 Crores in Q1 FY19 to Rs. 610 Crore in Q1 FY20 Crore leading to much better visibility for revenues in future.

Consolidated EBITDA for Q1 FY20 was Rs. 37 Crore representing a margin expansion from 11% in Q1 FY19 to 25% in Q1 FY20, owing to increase in revenue and optimum utilization of resources. Consolidated Net Profit for the period stood at Rs. 32 Crores representing a margin of 20% as compared to loss of Rs. 56 Crore in Q1 FY19.

The Company generated consolidated Cash Flow from Operations of Rs. 54 Crore leading to Cash and Investments of Rs. 746 Crore as on June 30, 2019 as compared to 448 Crore on June 30, 2018, an increase of 67% YoY.

Operational Highlights:

Total business enquiries delivered witnessed an increase to 113 million from 98 million, a growth of 15%

Supplier Storefronts grew to 5.6 million in Q1 FY20 from 5.1 million in Q1 FY19, an increase of 11% YoY. During the same period, paying subscription suppliers witnessed an increase to 132.5 thousand from 113.1 thousand, a growth of 17%.

Commenting on the performance, Mr. Dinesh Agarwal, Managing Director, said: “We are pleased to report results for the first quarter ending June 2019. Our growth is a result of focus on execution and measures undertaken towardsenhancing buyer and supplier experience. We are continuously investing in expanding our network, enhancing ourtechnological capabilities and acquiring the best minds from the industry. We are hopeful that these measures would holdus in good stead going forward as well.”  

Indiamart posts profit of Rs 31.4 cr in Q1, FY’20 | The Times of India

The Times of India

New Delhi, Jul 31 () Business-to-business e-commerce firm Indiamart Intermesh posted a consolidated profit of Rs 31.4 crore for the quarter ended on June 30, 2019. 

The company had recorded a loss of Rs 56.7 crore in the same period a year ago. The total consolidated income of Indiamart increased by 37.5 per cent to Rs 161.6 crore during the reported quarter from Rs 117.5 crore in the corresponding period of 2018-19. 

Financial Express (Gujarati)

“Consolidated revenue from operations grew by 30 per cent on YoY basis due to increase in number of paying subscribers as well as higher realisation from existing customers. 

Consolidated Deferred Revenue grew by 32 per cent from Rs 461 crore in first quarter of financial year 2019 to Rs 610 crore in first quarter of FY 2020 Crore leading to much better visibility for revenues in future“, Indiamart said in a statement. 

Paying subscription suppliers increased to 1.32 lakh from 1.13 lakh on yoy basis.

Our growth is a result of focus on execution and measures undertaken towards enhancing buyer and supplier experience. We are continuously investing in expanding our network, enhancing our technological capabilities and acquiring the best minds from the industry,” Indiamart Intermesh, Managing Director, Dinesh Agarwal said. PRS MR MR 

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First Quarter ending June 30, 2019 – Results Press Release

Noida, India, July 31, 2019: IndiaMART InterMESH Limited (referred to as “IndiaMART” or the “Company”), today announced its financial results for the first quarter ending June 30, 2019.

Performance Highlights: Q1 FY2020 vs. Q1 FY2019

▪ Consolidated Total Income of Rs. 162 Crore, YoY growth of 37% 
▪ Consolidated EBITDA of Rs. 37 Crore representing 25% Margin 
▪ Consolidated Cash generated from Operations at Rs. 54 Crore 

Highlights for the Quarter ended June 30, 2019:

IndiaMART reported consolidated Total Income of Rs. 162 Crores, 37% growth YoY, primarily driven by increase in revenue from operations. Consolidated Revenue from operations grew by 30% on YoY basis due to increase in number of paying subscribers as well as higher realization from existing customers. Consolidated Deferred Revenue grew by 32% from Rs. 461 Crores in Q1 FY19 to Rs. 610 Crore in Q1 FY20 Crore leading to much better visibility for revenues in future. 

Consolidated EBITDA for Q1 FY20 was Rs. 37 Crore representing a margin expansion from 11% in Q1 FY19 to 25% in Q1 FY20, owing to increase in revenue and optimum utilization of resources. Consolidated Net Profit for the period stood at Rs. 32 Crores representing a margin of 20% as compared to loss of Rs. 56 Crore in Q1 FY19. 

The Company generated consolidated Cash Flow from Operations of Rs. 54 Crore leading to Cash and Investments of Rs. 746 Crore as on June 30, 2019 as compared to 448 Crore on June 30, 2018, an increase of 67% YoY. 

Operational Highlights: 

Total business enquiries delivered witnessed an increase to 113 million from 98 million, a growth of 15%. 

Supplier Storefronts grew to 5.6 million in Q1 FY20 from 5.1 million in Q1 FY19, an increase of 11% YoY. During the same period, paying subscription suppliers witnessed an increase to 132.5 thousand from 113.1 thousand, a growth of 17%. 

Press Release July 31, 2019 

Commenting on the performance, Mr. Dinesh Agarwal, Managing Director, said: 

“We are pleased to report results for the first quarter ending June 2019. Our growth is a result of focus on execution and measures undertaken towards enhancing buyer and supplier experience. We are continuously investing in expanding our network, enhancing our technological capabilities and acquiring the best minds from the industry. We are hopeful that these measures would hold us in good stead going forward as well.” 

Q1 FY2020 Performance Metrics: Consolidated Basis 

Particulars (Rs. Cr) Unit Q1 FY20 Q1 FY19 Y-o-Y 

Growth Q4 FY19 
Q-o-Q 
Growth 
Total Income (Rs. Crore) 162 118 37% 153 6% 
Revenue from Operations (Rs. Crore) 147 113 30% 138 7% 
EBITDA (Rs. Crore) 37 12 201% 20 83% 
EBITDA Margin % 25% 11% 15% 
Other Income (Rs. Crore) 14 4 15 
Profit Before Tax (Rs. Crore) 46 (50) 34 
Net Profit for the period (Rs. Crore) 32 (56) 28 
Net Profit Margin % 20% (48%) 18% 
Cash generated from Operating Activities (Rs. Crore) 54 45 20% 98 (45%) 
Deferred Revenue (Rs. Crore) 610 461 32% 586 4% 
Cash and Investment (Rs. Crore) 746 448 67% 685 9% 

*** 
Press Release July 31, 2019 

About IndiaMART: 
IndiaMART is India’s largest online B2B marketplace. It is a platform to integrate buyers and sellers through all-inclusive business solutions and connects sellers and buyers across borders and time-zones. IndiaMART uses a buyer focused strategy targeted on providing ease and convenience at the same time ensuring seller responsiveness while providing lead-generation services to sellers listed on the online platform. 

‘Dot-com bust was the best thing that happened to us’ | The Times of India

The Times of India

Shares of IndiaMART, an online business-to-business marketplace, surged nearly 40% on its BSE debut on July 4. For the firm’s co-founder and CEO, Dinesh Agarwal, 50, the momentous event arrived after a wait of 23 years. 

Agarwal, who started the firm in 1996, spoke to TOI about the ups and downs he experienced over the years. From borrowing money from a friend so he could register the the domain name in the US to facing business disruptions after 9/11, Agarwal’s journey  is a rare startup story that survived the internet boom and bust.

He now plans to bring fintech and software-as-a-service products on IndiaMART’s platform. Excerpts from the interview: 

Internet was an alien concept in the 1990s. How did the journey begin? 

I come from a small business family in UP’s Napara district, close to the Nepal border. I studied in a sarkari (government) Hindi medium school and later went to Lucknow to complete class 12. I lived with my grandfather. In 1990, I was lucky enough to be one of the early BTech computer science graduates from HBTI, Kanpur. I landed a job at CMC Ltd, where I worked on software for Indian Railways’ reservation system, and later joined Sam Pitroda and his team at the Centre for Development of Telematics to develop an indigenous digital telephone exchange for India.

I remember, in 1990-91, I had access to an email ID, about four years before internet was officially launched in India. In 1992, I moved to HCL in the US, setting up offices on the East Coast. I saw the birth of internet in America — it was a new world for me.

As I am from a business family, I always wanted to return to India and do something on my own. On August 15, 1995, the PM [PV Narasimha Rao] announced that BSNL would provide internet connectivity in India. The next day, I put in my papers at HCL and within 45 days, I had returned to India with my wife and kid. I started looking for internet related opportunities. 

How did you come up with the idea of IndiaMART?

Initially, we wanted to build the website here, but there weren’t enough computers or internet infrastructure. We thought about building a site covering Indian businesses for clients in the West. I believed it would help exporters and remove price disparity of Indian products in developed countries. That’s how IndiaMART was born. Our first tagline was:  ‘The global gateway to Indian marketplace’. We looked up ‘marketplace’ in the dictionary because it wasn’t a popular term then (laughs). 

At the time, there were only a handful of websites. Getting a domain name was challenging; I borrowed money. It was expensive to maintain the domain name — $135. It’s $5-$7 now. I realised my business model was not sustainable. I’d started with export-focused sites, so I thought, why not put a directory of exporters online. I asked relatives to send free listing forms for consent to publish exporters’ details. My first customer was Nirula’s, which had an export house. In the first year, we operated from our house in Patparganj, clocking revenue of ₹6 lakh with 40-50 clients. 

How did the dot-com boom and bust affect your firm? 

There was a massive boom in India; we couldn’t understand what was happening. We got funding offers, but we didn’t take them. While things were peaking here, the dot-com bubble collapsed in the US. That was the best thing that happened to us. Flyby-night operators had to shut shop. We expanded and became aggressive, but 9/11 happened. 

How severe was the impact? 

We sold a piece of land and took a bank loan of ₹50 lakh to fund expansion. We were booming. On September 10, 2001, we performed the ground-breaking ceremony for our office. The next day, the attacks occurred. Business dropped by 50%. That was our toughest phase. My cofounder, Brijesh Agarwal, and staff were very supportive. There were salary delays, but employees stayed. 

How did IndiaMART move from being an export-focused business to an India-focused one? 

In 2007-08, the rupee became strong, affecting exports. Then a recession hit the US and demand dropped. China took advantage and India lost out. Alibaba did their IPO and Apple launched the iPhone. We decided India would be the hub, pivoted to the India-focused B2B market and raised $10 million from Intel Capital.

Why did you wait for over a decade before raising external capital?

We didn’t need that much capital for the US market. India was a different ball game. We were expanding, so we needed capital. We opened 52 offices in 52 weeks, and our sales grew 10 times in a year. We spent a lot of money. By 2012, we faced another downturn as the economy slowed. We reported a loss for the first time in 15 years; we lost everybody’s trust and I was scared to even leave home. We scaled back and stopped hiring. We made big changes in 2012-13, but we became fearless in the process and we found a new product-market fit. 

What did you do right in 2014?

There was an e-commerce wave, with Flipkart emerging as a large company. We launched Tolexo, a platform for industrial products. While we were trying to turn IndiaMART around and scale up Tolexo, we realised the latter won’t be profitable. We merged the platforms, which worked wonders for us. We stuck to it and have gone public now. IndiaMART doesn’t look like a classifieds website anymore. It’s like Amazon for B2B products. 

Would you have considered issuing differential voting rights, or DVR shares, had Sebi approval come before the IPO? 

We wouldn’t have needed that. Brijesh and I will sell about 5% and retain 52% of shares after IPO. So, we don’t need DVR structure to maintain control. 

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Does IndiaMART’s successful listing pave the way for more tech IPOs? | The Hindu Business Line

The Hindu Business Line

Domestic IPOs may provide a good exit route for venture capital investors in B2B, SaaS and enterprise technology companies

Venture capitalists and others associated with the start-up ecosystem in the country were thrilled when the initial public offering of IndiaMART InterMESH Ltd, which operates Indiamart.com, an online B2B marketplace for business products and services, listed on the stock exchanges at a premium to the offer price and closed the day nearly 34 per cent over the offer price of ₹973 a share.

Many tweeted in glee, appreciating Dinesh Agarwal, Founder and CEO, IndiaMART, for the doggedness with which he persisted with the business. Vijay Shekhar Sharma, Founder, Paytm, tweeted “such an outstanding IPO! Super cheer for Dinesh Agarwal and whole IndiaMART team. What an awesome outcome.”

Rehan Yar Khan, Managing Partner, Orios Venture Partners, said the public issue was oversubscribed 36 times showed the hunger for a quality tech stock. “Is expected that from 2021, there will be a regular stream of tech IPOs in India. Potentially exciting times ahead from a tech market perspective,” he said in anemail message. Orios was not an investor in the company and said it was sharing this view from a tech market perspective.

According to an analysis done by Venture Intelligence, which tracks venture capital and private equity investments, IndiaMART’s IPO provided exits to three VC/PE investors – Intel Capital, which first invested in the company in November 2008; Quona Capital and Amadeus Capital, both of which invested in 2016-17.

Exit route

Based on its analysis, Venture Intelligence feels domestic IPOs may provide a good exit route for VC investors in B2B, SaaS and enterprise technology companies, especially ones that achieve reasonable scale and demonstrate two-three years of profitability. “However, it is not clear whether the local market will develop an appetite for loss-making consumer-oriented start-ups,” Venture Intelligence said.

According to it, IndiaMART is the first online marketplace company to go public in India; there are four pure play internet companies that have listed in the country – InfoEdge, which went public in 2006; JustDial and Matrimony.com, both of which were backed by VCs; and, Infibeam.com, a pure-play e-commerce company.

Venture Intelligence analysed 32 companies that went public between January 2018 and June 2019. Only two IPOs in the last 18 months were from the IT industry – Newgen Software Technologies, an enterprise software firm, which provided healthy exits to late-stage investors Ascent Capital, Chiratae Ventures and Sapphire Ventures; and, IT services company Xelp, which raised ₹23 crore. Two VC-backed enterprise technology companies – E2E Networks (in which Blume Ventures was an investor) and SoftTech Engineers (backed by Rajasthan Venture Capital Fund) – went public, raising less than ₹25 crore on the SME exchanges in 2018.

IndiaMart recognized as ‘Top 5 Coding Powerhouse in India’

Deccan Chronicle

Indiamart InterMesh Limited secured the 4th Runners-up ranking in the overall competition.

Code Gladiators 2019 is recognised as the world’s largest coding event and even holds a Guinness world record, this year harboured a total of 2, 62,907 participants.

New Delhi: IndiaMart has been recognised as the ‘Top 5 Coding Powerhouse in India’ at the TechGig Code Gladiators 2019 grand finale challenge held in Mumbai. IndiaMart InterMesh Limited secured the 4th Runners-up ranking in the overall competition. Fourteen IndiaMart coders were adjudged in the top 358, with Sachin Kumar securing a position in the top 20 and 4 others in the top 100 list. Code Gladiators 2019 is recognised as the world’s largest coding event and even holds a Guinness world record, this year harboured a total of 2, 62,907 participants.

  IndiaMart which is India’s largest online B2B marketplace for business products and services lay utmost importance on recruiting the best talent in the industry. The recent recognition of IndiaMart by TechGig as the ‘Top 5 Coding Powerhouse in India’ is a testimony of the knowledge and experience that IndiaMart’s employees bring onboard. The culture of the company, along with its competitive coding and cutting edge projects further hone these bright young minds and prepare them for future endeavors. 

 Expressing his elation, Dinesh Agarwal, Founder & Managing Director IndiaMart said, ”being recognised as one of the top 5 coding powerhouse in India is an extremely exciting moment for us. For over 23 years now, we have built upon our technology to create an endearing marketplace for connecting businesses. Today, we are one of the very few ‘dotcom’ enterprises, who have grown steadily, due to our continuous investment in people and technology for ease of doing business. 

Agarwal further added “IndiaMart believes in acquiring the best talent in the industry. We are proud of our organisational culture which not only nurtures the best and talented people from the industry but at the same time it provides them with an opportunity to enhance and upgrade their skills.”

Securing the tag of Top 5 coding powerhouse in India, is an attestation of IndiaMart’s passion for providing the customers with significant levels of satisfaction and at the same time providing quality services through its marketplace.

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Six of 8 IPOs of 2019 see dream run in a weak market, now face acid test

Economic Times

The IPO market has been going through a rather dry spell this year. 

NEW DELHI: Shares of most companies that got listed in Calendar 2019 are trading above their issue prices, when 80 per cent of the broader market is trading in the negative zone on a year-to-date basis amid trade war jitters and Budget disappointments. 

Out of the eight companies that debuted during the year, only two – Xelpmoc Design & Tech and MSTC – are trading below their issue prices as on date. 

“Till this date in 2019, many IPOs have done considerably well. While the market has been moving sideways, IPOs that hit the market so far in 2019 have gained between 12 per cent and 61 per cent,” said Mustafa Nadeem, CEO, Epic Research. 

Xelpmoc Design and Tech, which git listed on February 4, 2019 at an issue price of Rs 66, is down nearly 8 per cent. 

Chalet Hotels, which got listed on February 7 at an issue price of Rs 280, was up 13 per cent as of Tuesday’s close. However, MSTC, which was listed on March 29 at an issue price of Rs 120, is down 24 per cent. 

Rail Vikas Nigam debuted on April 11 at an issue price of Rs 19 and has gained 25 per cent so far, while MetropolisNSE -1.86 % Healthcare, which got listed on April 15 at Rs 880, is up 19 per cent. Polycab India got listed on April 16 at an issue price of Rs 538 and is up 12 per cent. Neogen Chemicals, which was listed on May 8 at an issue price of Rs 215, is up 61 per cent while IndiaMARTNSE 2.64 % InterMESH, listed on July 4 at an issue price of Rs 973, is up 24 per cent. 

Analysts says while the six stocks have had an impressive run so far, their real test will begin now after the quarterly numbers are out and investors start comparing them vis-à-vis peers. 

“It would be crucial for them in the coming months one the earnings come out. Discounting would take a toll in share prices,” Nadeem said. 

He believes Polycab India and Neogen Chemicals, with good earnings visibility and business growth, can prosper and appreciate in a sideways market. 

At a time when the market has been witnessing a carnage in midcaps and smallcaps, what made these companies stay up? 

“Most IPOs of Calendar 2019 were adequately priced, and that is why they delivered gains,” said Arun Kejriwal, Founder at Kejriwal Research & Investment Services. 

“I don’t expect any negative surprises from them at least for the next few quarters as their businesses are not new or unique to the market,” he said. 

The IPO market has been going through a rather dry spell this year. Only eight companies have floated IPOs in the first six months, raising Rs 5,509 crore, compared with 24 that raised Rs 30,960 crore in the year-earlier period. 

However, this is likely to change as half a dozen companies are waiting to hit the market next month or so to raise about Rs 10,000 crore. 

Sterling and Wilson Solar, ASK Investment Managers, Spandana Spoorthy Financial, Affle India, AGS Transact Technologies and Mazagon Dock Shipbuilders among others are conducting roadshows and planning IPOs by the middle of August, say bankers. 

Assotech Realty leases 1.5 lakh sq ft office space to IndiaMART in Noida project for Rs 7 cr rent per year | Moneycontrol

Moneycontrol

The office will have a seating capacity of around 2,000 employees.

Assotech Realty has given on lease 1.5 lakh sq ft of prime office space to IndiaMART InterMesh Ltd in its commercial project in Noida, Uttar Pradesh, at an annual rent of over Rs 7 crore.

Assotech Realty is developing 18 lakh sq ft of commercial project, comprising office, retail and serviced apartments at Sector 135 on the Noida expressway. It has already completed the first phase comprising 10.8 lakh sq ft.

“IndiaMART has leased 1.5 lakh sq ft office space in our project Assotech Business Cresterra,” Assotech Realty Managing Director Neeraj Gulati said.

The office will have a seating capacity of around 2,000 employees.

“The leasing transaction has been done at Rs 40 per sq ft per month,” he said adding that the Noida market is emerging as an affordable commercial real estate hub with rentals much lower than Gurugram.

With this transaction, Gulati said the first phase of this project is fully leased.

Earlier, the company had leased 3 lakh sq ft to Birlasoft, 30,000 sq ft to Dynata, 16,000 sq ft to Regus and 8,000 sq ft to Agastan. About 2.5 lakh sq ft area were sold.

The first phase has 75,000 sq ft of retail space and 195 serviced apartments managed by Lemon Tree Hotels. Property consultant CBRE has been roped in for facility management.

The leasing agreement for nine years was concluded by Indiamart COO Dinesh Gulati and Assotech Realty Director Salil Kumar.

The construction of the second phase is expected to complete by the second half of 2020.

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