The company had raised Rs 475-crore through initial public offering by issuing shares at Rs 973 per share
Shares of IndiaMART InterMESH were trading higher for the fifth straight day, up 3 per cent at Rs 1,739 on the BSE on Wednesday. The stock was quoting at its highest level since listing on July 4, 2019.
In past three weeks, the stock of India’s largest online business-to-business marketplace has zoomed 51 per cent from level of Rs 1,155, as compared to 2.5 per cent decline in the S&P BSE Sensex during the same period. The company had raised Rs 475-crore through initial public offering by issuing shares at Rs 973 per share.
Earlier this month, IndiaMART, along with the participation of existing investors India Quotient and Axilor, had invested Rs 36 crore in Vyapar, a mobile-based business accounting software for small businesses.
‘Vyapar’ is an invoice accounting and stock inventory app with 1 million+ downloads and 4.6 app rating on google play store. Small and Medium businesses can use their app or desktop version for billing Goods and Services Tax (GST) invoices, managing stock inventory and accounting solutions.
On September 11, the Bombay Stock Exchange (BSE) sought an explanation from IndiaMart over sharp rally in market price, to which the company said it wasn’t aware of any specific reasons that may have resulted in the recent rise in the price and that such movement is purely market driven.
For first quarter (April-June) of financial year 2019-20, IndiaMART had reported consolidated net profit of Rs 32 crore against net loss of Rs 56 crore during same quarter last fiscal.
Consolidated revenue from operations grew by 30 per cent on year on year basis to Rs 147 crore due to increase in number of paying subscribers as well as higher realization from existing customers. Earnings before interest, tax, depreciation and amortization (Ebitda) margin more than doubled to 25 per cent from 11 per cent in previous year quarter.
The investment will also help the brand, to expand its network to new cities, with core focus on Technology.
Vyapar, the simplified & free billing, inventory and GST software, raised around Rs 36 crore in an internal round of funding. The Series A funding was led by IndiaMart, India’s largest online Business to Business Marketplace along with the participation of existing Investors India Quotient and Axilor.
Launched in 2016, Vyapar today boats a customer base of 1 Million along with 4.6 app rating on Google play store. Small and Medium businesses can use their app or desktop version for billing Goods and Services Tax (GST) invoices, managing stock inventory and accounting solution.
With the fresh capital infusion, the Bengaluru-based start-up has raised around Rs 42 crore till date. The company will allocate the fresh funds, primarily for growing customer base and building the next set of major functionalities to provide complete business solution for MSMEs. The investment will also help the brand, to expand its network to new cities, with core focus on Technology, catering to its target segment needs.
Speaking on the investment, Sumit Agarwal – Founder, Vyapar said, “Vyapar is built with a single purpose – to enable the SME and MSME Community to go digital. Six Months into the financial year, we are close to the 1 Million mark and confident that we will achieve our goals. With the new capital we aim to scale up these figures, and map the new active markets aggressively”.
Dinesh Agarwal, Managing Director, IndiaMART said, “Over the last two decades IndiaMART has effectively overcome the problem of access to market and technology by building a digital marketplace for MSMEs. This investment in Vyapar, that is solving the complex billing and accounting needs of MSMEs in a simplified manner, is aligned with our long term vision to make doing business easy for millions of businesses by providing them tech-enabled easy and cost effective solutions.”
Vyapar, the Free Billing and accounting software aims to establish establishing an Ecosystem, to uplift the Business Community, helping them stay at the top of the business, with simplicity.
New Delhi: IndiaMART, India’s largest online B2B marketplace, on the 14th September 2019 organized the SME Conclave: Transforming for the Future, in association with TiE Delhi-NCR and TiE Udaipur at the Radisson Green, Lake City Mall, Udaipur. The conclave featured several leaders from the industry sharing their views on SME growth and the challenges in the country, which is slowly yet steadily, helping them reorient their business models to adopt easy financing options and the use of technology to achieve zero cost marketing in the ever-changing business ecosystem.
As per industry statistics, there are close to 42 million SME enterprises in India across manufacturing, infrastructure, food processing, packaging, chemicals, IT and the service industry, contributing 30 per cent of the total GDP and creating employment for more than 110 million people (40 per cent of the total workforce).
In the same belief and vision to increase SME contribution to 50 per cent in the next 5 years, the government recently launched the revised credit link capital subsidy scheme for small and medium enterprises to boost access to credit, and to provide 10 per cent extra subsidy to SC/ST entrepreneurs apart from the existing 15 per cent subsidy on credit up to 1 crore on the purchase of plants and machineries.
Speaking on this, Dinesh Gulati, Chief Operating Officer, IndiaMART said, “We, the country’s largest online B2B marketplace, relentlessly strive to further enable the millions of SMEs with an opportunity to innovate. But we have just scratched the surface, there is a huge scope for business inclusion, which will only be possible with the increase in awareness within the SME sector. Through this partnership with TiE, we hope to create a platform that will enable the SMEs with the knowledge on how to scale their business exponentially. This initiative of IndiaMART ties-in with its long-term commitment to empower Indian SMEs in collectively understanding and in preparing themselves for the future.”
Geetika Dayal, Executive Director – TiE Delhi – NCR stated, “Though SMEs have a huge opportunity for growth in the country, it has been seen that most of them find it tough to scale-up, and hence they keep addressing only a smaller section. They grapple with multiple challenges including tackling the dynamic business environment, tech transformation in business and lack of overall awareness. We with IndiaMART, plan these events to discuss challenges in taxation, finance, marketing, and how usage of digital tools will help entrepreneurs take better decisions.”
IndiaMART is set to sustain strong growth momentum as businesses.
Edelweiss has given a ‘buy’ rating on IndiaMART InterMESH with a target price of Rs 1,900.
IndiaMART InterMESH (IndiaMART), India’s largest online B2B product and services platform, is set to sustain strong growth momentum as businesses are increasingly leveraging online channels for efficient procurement. A large and growing number of buyers and suppliers on the platform are driving up business enquiries, further increasing its attractiveness. This should continue to lift realisations and lure more paying customers, leading to a revenue CAGR of 24% over FY19–21. Given its high operating leverage, IndiaMARTNSE 0.34 % would clock CAGRs in EBITDA of 51% and PAT of 50% over the period.
“We see value in the stock owing to high entry barriers, network effect-driven pricing power, and negative working capital (INR7.5bn cash on books),” the brokerage said.
“We are seeing a strong network effect at play. Growth in suppliers is luring more buyers and driving business enquiries, which in turn is attracting more sellers too. With a meagre 2.4% of the total suppliers as paying suppliers, and strong 59% CAGR in enquiries over FY16–19, we expect paying customers to continue to grow well,” the brokerage said
Investors view disruption risk for IndiaMART from the emergence of well-funded players. “It concerns us little since the so-called rivals operate in a narrow space and are far from gaining critical mass, whereas IndiaMART largely deals in long-tail products, wherein competition might affect only later. Besides, IndiaMART is building new businesses in payments, SaaS, and credit, which may create additional moats,” it said.
“We believe IndiaMART is on the cusp of strong profit growth momentum led by revenue growth and high operating leverage. Deferred revenue of INR6.1bn – 1.1x of TTM – provides strong visibility. The stock’s current valuation at 24 times FY21E P/E is attractive vis-a-vis growth prospects in our view. We are initiating coverage with a ‘buy’ and a target price of Rs 1,900, valuing it at 33 times Q3FY21E EPS,” the brokerage said.
New Delhi: Move over, Bengaluru and Mumbai, Delhi-NCR is the newest hotspot for startups and unicorns in India.
The region that comprises the national capital and adjoining cities of Gurugram and Noida now counts more startups and unicorns than Bengaluru and Mumbai.
Delhi-NCR is home to 10 unicorns, or those with a valuation of at least $1 billion, with at least one added each year since 2013, compared with the nine and two unicorns that Bengaluru and Mumbai had added, respectively, in the first half of 2019, according to the “Turbocharging Delhi-NCR Startup Ecosystem” report issued by TiE Delhi-NCR and consulting firm Zinnov on Tuesday.
A total of 7,000 startups were founded in Delhi-NCR since 2009, according to the the TiE-Zinnov report.
Bengaluru—considered India’s “Silicon Valley”—had 5,234 startups in the same period, followed by Mumbai with 3,829 and Hyderabad with 1,940 startups.
With 10 unicorns, the cumulative private market valuation of startups in the Delhi-NCR region is currently $46-56 billion, followed by Bengaluru at $32-37 billion followed by Mumbai at $10-12 billion. Some of the unicorns in the Delhi-NCR region are MakeMyTrip, Info Edge and Indiamart.
The pace of founding new startups has, however, slowed over the past two years across India, including in the Delhi-NCR region, according to the report. The reasons include lack of affordable co-working spaces, less number and quality of accelerators and incubators, shortage of technical talent, lack of seed and early-stage funding and low corporate participation.
Rajan Anandan, president of TiE Delhi-NCR, said accelerating growth of the ecosystem will require “a lot more seed and early-stage funding, creating more affordable co-working spaces, increasing the number and quality of accelerators and incubators, developing deeper pools of technical talent and developing sector-specific policies”.
The report said that with suitable government and private sector interventions, Delhi-NCR could become one of the top 5 global startup hubs, with 12,000 startups, 30 unicorns and a cumulative valuation of about $150 billion by 2025.
Unlocking the true potential of the Delhi-NCR startup ecosystem would require focusing on several core areas including building “three world-class affordable startup hubs, one each in Delhi, Noida and Gurugram” along the lines of T-Hub set up in 2015 by the Telangana government. The report said there is a need to boost seed and early-stage investments in Delhi-NCR.
Another key area, the report says, would be prioritizing 10 horizontal and vertical sectors to leverage inherent advantages of Delhi-NCR. Some key sectors are consumer tech and consumer products, e-commerce, travel and hospitality, and education and edtech.
Anandan said Delhi-NCR would also need to have sector-specific “centres of excellence” (CoEs) for each priority sector, augmenting the CoE with sector-specific sandboxes and a panel of policymakers to improve ease of doing business. He said that corporate participation needs to be increased as low corporate participation in local ecosystems limits access, reduces opportunities and awareness to new technology.
Another suggestion was to build Delhi-NCR as a hotbed for electric vehicles (EVs). The recommendations included introduction of a digital window to expedite the recertification process for EVs (including e-bikes) and setting up a special EV cell in Delhi for planning and setting up of charging infrastructure, working with incubators and manufacturers to support startups and providing land at subsidized rates to startups for setting up a manufacturing hub of EV and battery units.
The government has placed emphasis on the expansion of the EV industry, which it believes would help cut rampant pollution afflicting major cities and also reduce costly imports of crude oil.
Anandan recommended the setting up of three world-class startup hubs, one each in Delhi, Noida and Gurugram, which would be designed to provide infrastructure for co-working spaces for start-ups and investors, and a place for community events, meetings and networking sessions. For instance, T-Hub has become a central location for startups, corporates, investors and mentors to meet, network and operate.
Amitabh Kant, chief executive officer of government think tank NITI Aayog, who released the report, assured the startup community of the government’s continued support in setting up incubation centres in the region. He pointed out that six Indian cities—Delhi, Mumbai, Bengaluru, Chennai, Hyderabad and Pune—are among the top 100 startup hubs globally and except the US, no other country has more than five cities on the list, making India a broad-based startup ecosystem.
2019 has not been too kind on the broader markets. Slowing economy, US-China trade war and outflow of foreign funds have kept the market volatile. Nonetheless, companies that got listed in 2019 remained largely unscathed as only three out of 11 stocks are trading below their respective issue price.
A majority of companies that made their debut in the secondary market in 2019 are trading above their respective issue prices.
However, the year has not been too kind on the broader markets. Slowing economy, US-China trade war and outflow of foreign funds have kept the market volatile. Nonetheless, companies that got listed in 2019 remained largely unscathed as only three out of 11 stocks are trading below their respective issue price.
At the time of rising NPAs, companies missing profit estimates and a declining top line and bottom line, what made these stocks buck the trend?
Analysts say it’s the growth outlook that helps a company endure tough times.
“Companies with strong potential business dynamism and growth outlook will be doing good in any given market scenario,” said Siddharth Sedani, Vice President – Equity Advisory, Anand Rathi Shares and Stock Brokers.
Besides, IPOs this year were more from the services and financial sector rather than manufacturing. Manufacturing and Investment cycle in India seems the worst hit in terms of slowdown is concerned,” Sedani added.
The other reason is their book value which gives confidence to investors.
“Some of these companies have fresh blood with a very clean book. For example, Neogen Chemicals has posted a rise of 65 percent in its sales-boosting its profit to 90 percent. While at the same time Metropolis Healthcare is striving to be the third largest diagnostic chain in the country. It has seen a growth of two-digit in the last three years which is around 20 percent. So, both of these companies are rewarded for the same. Value is rewarded here,” said Mustafa Nadeem, CEO Epic Research.
The most important question is, whether they will be able to hold the momentum of growth or not as the sentiment is gloomy due to weak economic atmosphere.
“The market right now has ignored two small positives – subdued oil prices and average monsoon , which has recovered from deficiency mode. At this juncture, unless fundamentals improve, we are unlikely to see an upturn in sentiment or flows and consequently market,” said Sedani.
“The government at this point needs to take some additional growth-inducing efforts. If that happens, we can surely expect positive returns from the markets in the medium term. Also at this point, the valuations are really attractive so if the growth returns, the risk reward will be really favorable in the market, he added.
Nadeem also points out the sentiment of the market will be at play, but he thinks a long-term investment will give healthy returns.
“There may be some minor corrections in the trend which may be due to the overall shift in trend of the market,” Nadeem said.
“There are many midcap and smallcap stocks which have suffered despite having a good business model and growth. So, if an investor is having a long term view, they should stay put,” he added.
IndiaMART InterMESH delivered handsome returns in the last few trading sessions. In fact, on Monday, the share price of the company rose over 8 percent and touched its all-time high.
Last week, the stock price rose 28.60 percent, and in the last one month, it rallied 32 percent to current market levels. It touched its all-time high on Monday after gaining 8.69 percent to Rs 1,573 per share on the NSE.
The company is an online business-to-business marketplace for business products and services with approximately 60 percent market share of the online B2B classifieds space in India in fiscal 2017.
The company’s June consolidated results remained healthy, with its net sales increasing by 30 percent YoY to Rs 147 crore. The company worked towards lowering its total expenses, and reported a 33.57 percent fall YoY to Rs 110.60 crore as compared to Rs 166.50 crore in the corresponding quarter last year.
The net profit of the company saw a huge jump to Rs 32.40 crore as against the loss of Rs 56.40 crore made during the June quarter last year.
IndiaMART was listed on the exchanges on July 4 this year. The company made a strong market debut, listing at a 23 percent premium to its issue price.
Most brokerages remained positive on the stock due to its brand recognition and strong network.
Firm global cues capped downside and bargain hunting gradually pushed Sensex higher.
Telecon stocks had field day in Monday’s session on Dalal Street as value buying emerging at lower price levels, a story that played out in some other sectors as well.
That apart, the counter of Equitas Holdings created some buzz after RBI denied the company more time to list its small finance bank; IndiaMART saw a rally on the first fund raising on its B2B e-marketplace and Ashok LeylandNSE -1.56 % slumped after it announced temporary plant shutdown to lower inventory.
Amid these mixed signals, equity benchmarks Sensex and Nifty advanced, mainly on gains in financial counters amid firm global cues. The 30-share Sensex closed 164 points, or 0.44 per cent, higher at 37,145, while the 50-share Nifty rose 56.85 points, or 0.52 per cent, at 11,003.
“Firm global cues capped downside and bargain hunting in select index majors gradually pushed the index higher as the session progressed,” said Ajit Mishra, Vice President, Research, Religare Broking.
We walk you through the key highlights of Monday’s session:
Equitas Holdings slips
Shares of Equitas Holdings declined over 6 per cent after the Reserve Bank of India (RBI) on Friday denied an extension of the deadline to Equitas Small Finance Bank for listing on the bourses. As per RBI’s licensing requirements, the deadline for listing the bank was September 4, 2019.
Slowdown hits Ashok Leyland
Ashok Leyland announced non-working days at its various manufacturing facilities following weak demand. The company announced 16 days non-working days for its facility in Ennore, five days at Hosur (Tamil Nadu) unit, 10 days each in Alwar (Rajasthan) and Bhandara (Maharashtra) unit and 18 days in Pantnagar (Uttarakhand) facilities. Following the development, the scrip closed 1.56 per cent down at Rs 62.90 on BSE.
Eveready plunges 5%
Shares of Eveready Industries hit lower circuit amid reports that Duracell pipped rival Energizer Holdings and is set to acquire the battery and flashlight business of the company in a slump sale for Rs 1,600-1,700 crore. Following the development, shares of the BM Khaitan-led firm declined 5 per cent to hit the lower circuit limit of Rs 70.50.
IndiaMART gains for 4th day
Shares of IndiaMART InterMASH extended their rally into the fourth straight session after business accounting software provider Simply Vyapar on September 3 said it had raised Rs 36 crore in funding led by B2B e-marketplace IndiaMART. The scrip jumped 34 per cent to Rs 1,609 on September 9 from Rs 1,198 on September 3.
Telecom stocks outperform
With a gain of 2.05 per cent, the BSE Telecom index emerged as the top grosser on the BSE sectoral list. It was followed by Capital Goods (up 1.91 per cent), Consumer Durables (up 1.03 per cent), FMCG (up 0.94 per cent) and Auto (up 0.94 per cent) indices. On the other hand, BSE IT and TECk indices lost 0.42 per cent and 0.73 per cent, respectively.
Who moved my Sensex
Mortgage lender HDFC contributed nearly 40 points to the Sensex rally. Infrastructure major L&T and private sector lender Kotak Mahindra BankNSE 2.06 % added 35 points and 33 points, respectively, while IT majors Infosys (38 points), TCS (down 15 points), HCL TechnologiesNSE -1.45 % (down 9 points) and Tech Mahindra (down 5 points) capped the upside.
Most active stocks
With 15.09 crore shares changing hands, YES BankNSE 4.47 % emerged as the most traded stock on NSE, followed by SuzlonNSE -12.50 % Energy (number of shares traded: 6.71 crore), Vodafone Idea (5.60 crore), Tata Motors (5.12 crore) and Ashok Leyland (2.98 crore). On the other hand, Maruti SuzukiNSE 2.40 % (Rs 1,282 crore) finished as the most active stock in terms of value. YES Bank (Rs 936 crore), ICICI BankNSE 1.05 % (Rs 739 crore), RBL Bank (Rs 684 crore) ..
Spurt in open interest
CESC led the pack of stocks in the biggest spurt in open interest (32.36 per cent) on NSE. It was followed by Just Dial (32.20 per cent), Equitas Holdings (29.78 per cent) and RBL Bank (20.94 per cent).
70 stocks hit 52-week lows
As many as 70 stocks on National Stock Exchange (NSE) hit their fresh 52-week lows. The list included Assam Company, BAG Films, Reliance Naval and Engineering, Mercator, Linc Pen, SRS and Suzlon Energy. On the other hand, Abbott India, Bata India, Hindustan Foods, IndiaMART InterMESH, Relaxo Footwears and Responsive Industries stood among 20 players that hit fresh 52-week highs.
On the options front, maximum Put open interest (OI) was at 10,800 followed by 10,600 while maximum Call OI was at 11,200 followed by 11,500 strike. Minor Call writing was seen at strike price 11,200 while there was Put writing at 10,900 and 11,000 strike. Options data suggested a trading range between 10,700 to 11,200 levels, according to Chandan Taparia, Analyst-Derivatives, Motilal Oswal Financial Services.
IndiaMART has invested in Bengaluru-based business accounting startup Vyapar’s Series A round. IndiaMART MD Dinesh Agarwal told Inc42 that the Noida-headquartered B2B ecommerce marketplace has invested in the accounting software startup. The investment finds relevance as it is one of the first investments of IndiaMART after going public in June 2019.
Simply Vyapar Apps has raised INR 36 Cr ($4.97 Mn) Series A funding led by the B2B marketplace with participation from existing investors India Quotient and Axilor Ventures. Of this, INR 30.12 Cr ($4.16 Mn) has been invested by IndiaMART for a minor stake. The company plans to use the fresh funds primarily for growing customer base and building the next set of major functionalities to provide complete business solution for MSMEs.
“We also plan to solve for manufacturing sector, another unorganized and non-digitized segment which is major contributor of the economy,” said, Sumit Agarwal, founder, Vyapar.
Founded in 2016 by Sumit Agarwal, Vyapar provides business accounting software (a mobile app as well as desktop versions) with billing, GST invoice, stock inventory and accounting solutions for small businesses.
It claims to have over 1 Mn downloads and helps small and medium businesses manage billing for GST invoices, stock inventory and accounting work. Dinesh Agarwal told Inc42 that the investment is a good strategic fit for IndiaMART’s long-term objective of venturing into the fintech and SaaS space. “Vyapar is a SaaS cum fintech opportunity it fits perfectly into our investment and expansion plan,” he added.
The company has a turnover of INR 1.4 Cr for FY 2018-19 with an emloyee base of 50. Vyapar founder Agarwal said the company’s vision is to digitise every business in India and simplify processes. “IndiaMART’s scale and expertise will help us achieve this goal faster, in turn, transforming the MSME landscape in India,” he added.
Asutosh Upadhyay, who led the investment at Axilor, said, “Vyapar proves that the right business model can breakthrough an otherwise traditional sector. Their laser-sharp customer focus along with IndiaMART’s expertise in the sector will help them achieve a larger scale in India’s MSME segment.”
Dinesh Agarwal told us that there is nearly 20% overlap in the users of IndiaMART and Vyapar, and going forward, they will examine to find the best possible use for such overlap. He also emphasised that Vyapar today has half a million monthly active users, and has been competing based on its mobile-first competency against players such as Zoho etc.
Vyapar competes with the likes of ClearTax, SahiGST etc in the fintech segment, which is touted to be worth $1.4 Bn. The sector has been seeing influx of funds from marquee investors with the continued investments towards reaching the unbanked population of the country. Between 2015 and Q1 2019, the total investment in Indian fintech startups was $7.62 Bn according to DataLabs by Inc42.
Vyapar is not the first investment by IndiaMART. Dinesh Agarwal has personally invested in more than 35 startups including Little Eye Labs, which was acquired by Facebook. IndiaMART has invested in Noida-based event discovery platform 10times and Delhi-based B2B ecommerce marketplace Procmart.
Incorporated in 1999 by Brijesh Agrawal and Dinesh Chandra Agarwal, IndiaMART InterMESH Limited is an online B2B marketplace to deal with business products and services. It is an online platform for business buyers to connect with suppliers of the products and services.
As of March 31 this year, IndiaMART had 82.7 Mn registered buyers and 5.55 Mn supplier storefronts in India, with 60.73 Mn SKUs listed of which 76% comprised products and 24% were services.
In June 2019, IndiaMART went public by listing on BSE and NSE. The company’s closing day of bids for its IPO was oversubscribed by 36 times. With 16.2% CAGR rise in paying supplier base and 10.3% CAGR rise in average realisation towards each paying suppliers, IndiaMART reported a 26.4% CAGR rise in consolidated operating revenue over FY17-19 to INR 507. 42 Cr in FY19.
Vyapar is an invoice accounting and stock inventory app for SMBs for billing GST invoices, managing stock inventory, and accounting solutions.
B2B ecommerce firm IndiaMART has announced an investment of Rs 36 crore (approx $5.4 million) in Vyapar, a mobile-based business accounting software for small businesses.
In a statement, the company said that the Series A investment round in Bengaluru-based Simply Vyapar Apps Pvt Ltd, owner of Vyapar, also included existing investors India Quotient and Axilor.
‘Vyapar’ is an invoice accounting and stock inventory app, which can be used by small and medium businesses for billing Goods and Services Tax (GST) invoices, managing stock inventory, and accounting solutions.
Speaking about the investment with YourStory, Dinesh Agarwal, Managing Director, IndiaMART said that the company found about Vyapar when it was looking for something on the mobile. The team found it to be a very suitable product for small businesses in India.
He said that accounting software is mostly desktop-driven and operated by accountants because of several reasons, including heavy accountancy terms. So small and medium businesses in India needed a desktop, software, and a muneemji or an accountant to handle accounts.
Dinesh added, “With the advent of mobile internet, a handheld very smart computer has been put in the palms of half a billion people, which is connected to the internet all the time, and many small businesses wanted to use these mini handheld computers to do their own ‘hisaab kitaab’ (accounting) even if they don’t understand terms like debit, credit, creditor, etc. So, Vyapar fits perfectly-well here as it is solving the complex billing and accounting needs of MSMEs in a simplified manner, is aligned with our long-term vision to make business easy for millions by providing them tech-enabled, easy and cost-effective solutions.”
He also highlighted that Vyapar recorded more than one million app downloads and has a rating of 4.6 on the Google Play Store. In fact, the startup claims to have recorded revenue of Rs 1.4 crore in the last financial year.
“We feel that going forward, the startup should be able to add a lot of value in areas of invoicing, accounting, inventory management, and GST. We are moving in the right direction as we have been working with small businesses and our vision to make India an easy place to do business by adopting technology, along with internet and mobile,” Dinesh added.
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 focusses on providing a platform to small and medium enterprises (SMEs), large enterprises, as well as individuals.
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 B2B ecommerce firm recently posted a consolidated profit of Rs 31.4 crore for the quarter ended on June 30, 2019. It 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.