IndiaMART

IndiaMART Turns 25: A Look Back At The B2B Marketplace’s Journey | Inc42

Inc42

Exactly 25 years ago, when Brijesh Agrawal and Dinesh Agarwal started IndiaMART, a business-to-business marketplace linking buyers and suppliers, they wouldn’t have expected that it will become an INR 24,000 Cr behemoth and according to KPMG, India’s largest online B2B marketplace.

Founded by Brijesh Agrawal and Dinesh Chandra Agarwal in 1996 and incorporated in 1999, when the internet was still a luxury in India, IndiaMART got its first order from restaurant chain Nirula’s and founder Dinesh Agarwal didn’t shy away from showing his gratitude through his tweets to investors.

The company managed to rope in 45 customers in the first year of its inception and it ended its first fiscal with INR 6 Lakh in revenue at a time when ecommerce operations were nascent in India. By 1999, the internet ecosystem would experience an exponential boom in India with the dotcom bubble. The valuation of digital companies skyrocketed and IndiaMART expanded as well. It hit a milestone of achieving revenue of INR 1 Cr with INR 10 Lakh profit in the year.

By the time, the Indian ecommerce market grew with the likes of Flipkart and the entry of Amazon, IndiaMART had survived the 2008 financial crisis. It raised INR 50 Cr from global venture capital firm Intel Capital in 2009, and the following year it reported a revenue of INR 50 Cr.

By the time it got listed on the BSE in June 2019. the company had managed to create a niche in the B2B ecommerce market, despite the entry of UdaanMoglix and Infra.Market and other players in the same space. It managed to double its registered user base from 50 Mn in December 2018 and reached the 100 Mn user mark in the last quarter of FY 2020. Notably, the company has a strong presence in Tier 2 and Tier 3 markets as only 33 to 34% of its traffic come from the top eight metro cities. It also claimed that controls 60% of the total B2B ecommerce market. Given its reach, IndiaMART attracted adulation from various corners of the startup ecosystem on its silver jubilee.

He also said that the larger geographical reach and product assortment has helped the company record 10 Cr buyers on its platform. The IndiaMART CEO claimed this is the first B2B marketplace to reach this mark. With 66 Mn products listed in over 100K categories ranging from groceries to electronics, this allows the company to attract large numbers of buyers and sellers. Besides this, the platform also has close to 6 Mn sellers listed on the platform.

“Because of this large base, our penetration in Tier 2 and Tier 3 markets is strong. At IndiaMART, only 33 to 34% of our traffic comes from the top 8 metro cities. Rest of the traffic comes from Tier II and Tier III towns and especially from small villages and tehsils and districts across India,” Dinesh told Inc42 in February last year.

As per its last financial statement, IndiaMART recorded total revenue of INR 565 Cr for the first nine months, from April to December-end, of the current fiscal year FY2021, according to the company’s filings with the Bombay Stock Exchange. With an average quarterly profit of INR 70 Cr, IndiaMART could comfortably cross the INR 300 Cr mark in FY21.

Indiamart to acquire 11% stake in Legistify | Business Standard

Business Standard

Indiamart Intermesh, through its wholly owned subsidiary, Tradezeal Online, has agreed to acquire 11.01% stake of Legistify Services through SSHA signed between the parties.

Legistify Services, via its flagship product Legistrak, offers a SaaS (software as a service)-based ERP tool which allows enterprises to manage their legal workflows. Some of the key features of the Legistrak tool are litigation tracking, notices management, legal vendor management, etc.

Indiamart said that this investment is in line with its long-term objective of offering various SaaS based solutions for businesses. Indiamart Intermesh, through its wholly owned subsidiary, Tradezeal Online intends to invest a total a total cash consideration of Rs 1.30 crore. It will acquire 100 equity shares and 1,146 Compulsorily Convertible Preference Shares (CCPS) (as part of the primary fundraise by the entity) and 1,580 CCPS (from existing investors via a secondary purchase).

The final aggregate shareholding of the company, post this investment, in the said entity would be 11.01% on a fully converted and diluted basis. The announcement was made during market hours today, 30 March 2021.

Shares of Indiamart Intermesh gained 0.27% to Rs 7,803 on BSE.

IndiaMART is India’s largest online B2B marketplace for business products and services. The company makes it easier to do business by connecting buyers and sellers across product categories and geographies in India through business enablement solutions.

The company reported 29.35% rise in consolidated net profit to Rs 80.20 crore on 9.2% rise in total income to Rs 198.20 crore in Q3 December 2020 over Q3 December 2019.

Business Standard | Investing.com

FROM BY-LANES OF DELHI TO AN IPO AT DALAL STREET | DINESH AGARWAL, INDIAMART | The Podium

The Podium

In today’s episode of Founder Thesis, host Akshay Datt is in conversation with Dinesh Agarwal, the founder, and CEO of IndiaMART. IndiaMART is India’s largest B2B marketplace for small & medium enterprises (SMEs), large enterprises, and individuals.

Before starting IndiaMART, Dinesh worked at HCL technologies in Silicon Valley as a software engineer and gained early exposure to the internet and the power of technology. 

In this candid conversation, he talks about overcoming loneliness and other challenges of living in a foreign country. However, the two things close to his heart that kept him going were India and computers. The urge to come back to India and start his business kept growing stronger with each passing day. He was so fascinated by the Internet that he made his mind leverage its potential and create something massive out of it. Rest, as they say, is history. 

Well, what started in the early internet era as an idea, is now a platform that has more than 10 crores registered users on it. And of course, it continues to grow even though it’s been almost 25 years since it started. 

He recalls IndiaMART’s early years when his wife would answer queries from buyers outside India and he would use a simple hack of going to trade fares to build his dataset and generate leads.

Tune in to this exclusive chat with Dinesh Agarwal and listen to him talk about everything Internet and ECommerce.

IndiaMART eyeing acquisitions, planning strategic investments | HBL

Hindu Business Line

Looks to widen the scope of its “ecosystem” and go “beyond buyer-seller discovery and price matches”

Coming on the back of successful fundraising (QIP) of over ₹ 1,000 crore, B2B e-commerce company, IndiaMART, is eyeing acquisitions and planning strategic investments as it looks to widen the scope of its “ecosystem” and go “beyond buyer-seller discovery and price matches”.

The company plans to strengthen additional services including “payment gateways” – like pay with IndiaMART, receivable management, GST invoicing, accounting services, and conversational commerce across subscribers, that primarily include the small and medium enterprises.

Over the last one year, they have analysed 100 plus different companies as a part of their expansion plan.

“Funds raised will be used towards strengthening our ecosystem by adding more services, like say a payment platform or receivables, order & inventory management, accounting software, and so on. We are open to picking up a minority stake or strategic investments or outright acquisitions in these companies,” Dinesh Agarwal, MD, and CEO, IndiaMART InterMESH Ltd, told BusinessLine.

Agarwal did not rule out the chances of acquisition of competing B2B e-commerce companies if they “help solve problems in a particular vertical that IndiaMART deals with”.

“With increasing competition, there will be verticals that newer B2B e-commerce companies will focus on, thus making them potential acquisition targets for us,” he added.

Increased Buyer Queries

IndiaMART, listed on the bourses, reported consolidated revenue from operations ₹ 174 crore for the quarter ending December 31, 2020, a 5 per cent year-on-year growth over the last year. The total number of paying subscription suppliers stands at approximately 1.48lakhs with there being a net addition (in Q3FY21) of around 7000.

Deferred revenue (subscriptions due and spread out over the next few quarters) stood at ₹ 633 crore. Subscriptions account for 95 per cent of the company’s turnover

A positive fall out of the pandemic has increased “buyer queries” on the site. Queries are up, 30-40 per cent. Against an average traffic (on the buyer site) of 60 million per month, post-Covid traffic numbers have increased to around 85 million, a month.

However, customers — those listing on the site – continue to prefer short-term one-month subscriptions and memberships; over long-term plans of one-year or three-years. This made the company come-up with six-month packages.

Recoveries

According to Agarwal, IndiaMART saw a recovery “across the board”. Collections from the customers for the period reached ₹ 179 crore, a sequential growth of 9 per cent, quarter-over-quarter.

The December 2020 collections were better than December 2019, pre-COVID levels and business inquiries delivered increased by 37 per cent, YoY, to 154 million with “90 days repeat buyers standing at about approximately 60 per cent”.

“Now, we are back to March 2020 paying customer levels and growth should be positive going forward. Factors like offices opening up, face-to-face meetings resuming, medium-scale businesses regaining confidence, stronger performance of the manufacturing sector and steady economic recovery coupled with the slowing down of infections and speeding up of vaccinations would be important indicators in coming quarters,” Agarwal said.

Indiamart board nods floor price of Rs9065.61 per share aggregating Rs1,070cr to eligible QIBs; stock gains 1% | Indiainfoline

Indiainfoline

Indiamart Intermesh Limited updated the exchanges Monday about the allotment of equity shares of the face value of Rs10 each by the company to qualified institutional buyers (QlBs) under-qualified institutions placement (QIP).

The Fund Raise Committee of the Board, at its meeting held on Monday, has considered and approved the allotment of Equity Shares at a price of Rs8,615 per equity share (including a premium of Rs8,605 per equity share, which takes into account a discount of 4.97%, to the floor price of Rs9065.61 per equity share, aggregating to over Rs1,070cr to successful eligible QIBs.

The QIP issue opened on February 17, 2021 and closed on February 22, 2021. Pursuant to the allotment of equity shares in the issue, the paid-up equity share capital of the company stands increased from Rs29.12cr divided into ~2.9cr equity shares of Rs10 each to Rs30.36cr divided into 3.04cr equity shares on Rs10 each.

At around 10.05 am, Indiamart Intermesh Ltd was trading at Rs8931.20 per piece up Rs115.00 or 1.30% from its previous closing of Rs8,816.20 per piece on the BSE.

Systematix Group

Stocks To Watch: Bharti Airtel, Bharat Forge, Hindalco, IndiaMART InterMESH, Info Edge, Vedanta | Bloomberg Quint

Bloomberg Quint

Indian equities fell the most in two months on Monday, ending lower for the fifth straight session as a rise in active Covid-19 cases across the country dented sentiment. The S&P BSE Sensex ended 2.2% or 1,145 points lower at 49,744 while the NSE Nifty 50 index fell 2% or 300 points to end at 14,675.

Here are the stocks to watch in trade today:

  • Hindalco: Is targeting a $2.9 billion reduction in its debt load between June 2020 and end of 2022. The group’s gross debt is estimated to be $9.2 billion, or 3x its Ebitda, as of March 31. The company aims to achieve a net debt/Ebitda ratio of 2.5x in less than two years. The company’s Novelis unit plans to repay a $1.1 billion bridge loan by March. Further, the company will refinance $540 million of $810 million INR bonds due in 2022 and repay the balance $270 million. Further the company expects to generate $1 billion to $1.2 billion cash flow a year after normal working capital and maintenance capex. Allocation toward growth capex seen at $2.5 billion to $3 billion over the next five years. The company will also focus on higher shareholder returns; plans to achieve it through inc
  • Bharati Airtel: Will meet global fixed income investors on or after February 23, post which the company will take a final decision on the issuance of foreign currency bonds, subject to market conditions. The Bharti Airtel board had earlier this month approved fundraising plan of up to Rs 7,500 crore via debt instruments such as debentures and bonds, in one or more tranches.
  • Bharat Forge: Has announced a pact with Paramount Group for production of armoured vehicles in India. The agreement was signed by both companies during the International Defence Expo (IDEX 2021) held in Abu Dhabi. This collaboration brings together the manufacturing and technology excellence of two leading companies, which have matching synergies and complementary capabilities. The Kalyani M4 is a fantastic new generation vehicle, and we want to position it as the ‘future of protection’ in all markets world-wide, said Amit Kalyani, Deputy Managing Director of the company.
  • IndiaMART InterMESH: Closed the QIP issue on February 22 and accorded its consent for the issue of 12.42 lakh shares of Rs 10 each at a price of Rs 8,615 per share at a premium of Rs 8,605 per share taking into a discount of 4.97% i.e. Rs 450.61 per share to the floor price of Rs 9,065.61 per share, aggregating to Rs 1,070 crore. The floor price is at the premium of 2.82% of Monday’s closing price
  • Zuari Agro Chemicals: To sell its fertilizer plant in Goa and associated businesses to Paradeep Phosphates for an enterprise value of $280 million. The sale is subject to agreed adjustments for capex, cash, debt and working changes. Paradeep Phosphates plans to fund the acquisition partly from public issue and balance from loans and internal accrusals.
  • IRB Infrastructure Developers: Has approved the allotment of Secured NCDs aggregating to Rs 2,184.55 crore on a private placement basis to India Toll Roads for a tenure of 7 years at a coupon rate of 9.927% per annum.
  • Page Industries: Has approved the appointment of VS Ganesh as Executive Director & Chief Executive Officer of the Company for a period of 5 years effective June 1, 2021.
  • Vedanta: GR Arun Kumar has resigned from the post of Whole-Time Director & Chief Financial Officer of the company to pursue career outside of the Group.

Pledge Share Details

  • Solara Active Pharma Sciences: Promoters (Pronomz Ventures LLP, Chayadeep Ventures LLP and Chayadeep Properties) revoked pledge of 7.22 lakh shares between February 16-19.
  • Wockhardt: Promoter Themisto Trustee Company created a pledge of 39 lakh shares on February 19.
  • Jindal Steel & Power: Promoter OPJ Trading revoked pledge of 66.10 lakh shares on February 16. Deepak Fertilisers & Petrochemicals C
  • Deepak Fertilisers & Petrochemicals Corporation: Promoter Robust Marketing Services created a pledge of 20.20 lakh shares on February 18.
  • Steel Strips Wheels: Promoter Dheeraj Garg revoked pledge of 24,839 shares on February 22. As Reported On February 22.

Bulk Deals

  • Muthoot Capital Services: Saif India VI FII Holdings bought 4 lakh shares (2.43%) at Rs 397.5 per share.
  • Gabriel India: Asia Investments bought 30.30 lakh shares (2.11%) at Rs 111.97 per share. KYB Corporation sold 32.39 lakh shares (2.25%) at Rs 111.95 per share.

IndiaMART InterMESH gains on successfully raising funds via QIP | Yahoo Finance

Yahoo Finance

The fund raise committee of the company’s board approved allotment of 12,42,212 equity shares to eligible qualified institutional buyers at the issue price of Rs 8,615 per equity share. The QIP issue opened on 17 February 2021 and closed on 22 February 2021.

Allottees who were issued more than 5% of the total equity shares offered in the qualified institutions placement (QIP) are Arisaig Asia Consumer Fund (22.463%), Platinum Asia Fund (11.060%), Driehaus Emerging Markets Growth Fund (9.105%) and Kotak Funds – India Midcap Fund (8.196%).

Pursuant to the allotment of equity shares in the issue, the paid-up equity share capital of the company stands increased from Rs 29,12,15,160 divided into 2,91,21,516 equity shares to Rs 30,36,37,280 divided into 3,03,63,728 equity shares.

IndiaMART proposes to utilize the net proceeds for its future growth and expansion. The net proceeds may be utilized for augmenting long term cash resources, funding the organic or inorganic growth opportunities in the area of the Company’s operations and adjacencies, making investments in companies including in subsidiaries, joint ventures, associates or otherwise (either through debt or equity or any convertible securities), growing existing businesses or entering into new businesses in line with the strategy of the Company or for any other general purposes as may be permissible under the applicable law and approved by the board.

IndiaMART is India’s largest online B2B marketplace for business products and services. The company makes it easier to do business by connecting buyers and sellers across product categories and geographies in India through business enablement solutions.

The company reported 29.35% rise in consolidated net profit to Rs 80.20 crore on 9.2% rise in total income to Rs 198.20 crore in Q3 December 2020 over Q3 December 2019.

Indiamart Intermesh allots equity shares aggregating Rs 1070.16 cr under QIP issue | Business Standard

Business Standard

Indiamart Intermesh announced that the Fund Raise Committee of the Board at its meeting held on 22 February 2021 has approved the allotment of equity shares at a price of Rs 8615 per equity share (including a premium of Rs 8605 per equity share which takes into account a discount of 4.97% to the floor price of Rs 9065.61 per equity share aggregating to Rs 1070.16 crore to successful eligible QIBs.

The issue opened on 17 February 2021 and closed on 22 February 2021.

Pursuant to the allotment of equity shares, the paid up equity capital of the company stands increased to Rs 30.36 crore dividend into 3,03,63,728 equity shares of Rs 10 each.

Equity Bulls

IndiaMART InterMESH Ltd., COO, talks about career outlook and opportunities in software | TimesJobs

TimesJobs

The software industry is no longer about writing codes or staying abreast with the current advancement. It is rapidly converting into a game-changer that has introduced us all to a rise in talent demand and upcoming technological advancements. Amid the pandemic, we enablement the technological flow and operations that are growing at an exponential rate including mass hiring and advancements.

Keeping this in mind, TimesJobs invites Mr. Dinesh Gulati, COO of – IndiaMART InterMESH Ltd. to discuss about the “Career in Soft Skills: Outlook and Opportunities in 2021”

Moderator: Welcome to the High Tea Chat Session, Mr. Dinesh Gulati, COO, IndiaMART InterMESH Ltd., will join the chat at 3 PM. Meanwhile you can send your questions related to Career in Soft Skills: Outlook and Opportunities in 2021. Kindly note your questions will be moderated and then sent to the celebrity to answer. Questions already answered by the celebrity will not be entertained.

Mr. Dinesh: Hi, I am Dinesh Gulati, I wish you all a very happy new year and let’s all have a safe year ahead. I welcome you all for this session wherein we will discuss the skills including soft skills required to build a career in 2021, which have become especially important in the post COVID world. The pandemic has left an impact on all aspects of our lives, including our careers, and has encouraged us to develop new skills to be in tune with the new change. One thing that has become a ned for every job seeker is better understanding of technology and we all need to sharpen our understanding on that front , day by day. Lets start this session, and understand what it takes to build a promising career in 2021 and further.

Akshay Anilrao : At present I am on board I am in MSC shipping company as a Trainee Electrical officer but I want to switch my carrier in land can you plz guide me

Mr. Dinesh: Hi Akshay, You can look up any jobs that need your electrical or administrative skills to switch your career to land. You should also explore to add new skill sets specially on tech side. For the current skill set that you have there are many requirements in Power sector , health sector, defence. Since the time Atmanirbhar Bharat and Make in India initiatives have been launched , manufacturing sector has opened up a lot , there are many opportunities on that front as well. best wishes.

Rishi : Hello sir, what do you think will be the future technologies that will make graduates learn new skills?

Mr. Dinesh: Hi Rishi , the millennia generation has best of the opportunities in terms of available technologies and I envy you all for this :-)..
Artificial Intelligence, Machine Learning, Data Science, Analytics Data Engineering, Data Visualization, Network and Information Security (Cybersecurity), Cloud Computing, Extended Reality (Virtual Reality and Augmented Reality),: Internet of Things (IoT), UI/UX Design, Mobile Development, Blockchain, Quantum Computing, Robotics, Product Management, Salesforce/CRMs , Programming Languages in General… list is long and the best part is that all these are available now on many on-line ed-tech platforms

Hemant: Greetings Sir. I am a fresher and looking out for the jobs in CSE department. Can you please explain me the skills that comapnies lookout for in the freshers.

Mr. Dinesh: Hi Hemant, the attitude and aptitude is one of the most important things apart from technical knowledge. As mentioned above you can chose from any of the above mentioned options I shared namely Cybersecurity, Cloud computing, Data analytics and data science and AI/ ML are currently some of the top rated skills. You may pursue any one of them based on your interest.
However if you want to get to the programming / software side , you must get exposure into a Full Stack Developer which means you should be equally proficient in frontend (Client Side ) and backend (Server Side) software development in an App/Web/Cloud based application.. hope this helps

Shikha: Hi, Greetings! I am working as freelance training on different software like Python Pandas HTML basic java and C datastrDatast last 2 years. Before to that I have some experience as Product Manager with a Software start-up. Last 8 months with a desire I have completed some vertical internship and join Hackathon using Machine Learning and Data science project. How do I get an opportunity to work with a Team on Data science and Machine Learning project ?

Mr. Dinesh: Hi Shikha, your are one of the most sought after talent in the industry and all the tech companies including IndiaMART actively look for the right talent for data science and machine learning. If you are interested you can apply for careers@indiamart.com and share your details there. Otherwise all the tech companies are looking for talent that you possess .. go to their career site and apply on-line.

Ravi: Sir, did you faced challenges in remote working due to the pandemic? if yes, then please let us know how did you cope with them?

Mr. Dinesh: Hi Ravi we did face the challenges as any other organisation. We were 4000+ people working from almost 80+ offices across the country till 20th March and on 22nd March we had all of them moved to remote working ( WFH). Being a tech company we already had all our data on cloud. VPN and remote access were enabled for the entire team. We provided computers / laptop to all our people and resourced them adequately. We enabled mobile CRMs, video calls etc for our team to improve their productivity. The biggest challenge was to get our people mentally tuned to WFH. That called for regular communication , education and engagement of our team at regular frequency. Long working hours from home sets in an early fatigue , we initiated lot many activities to keep our team engaged to break that monotony .. Communication from Leaders and consistent engagement did work for us besides enabling our people well on infrastructure side.
We ensured Safety and Security ( job) .. that helped for entire team to face this pandemic very well as a single unit..

Sukriti: Greetings sir, where do you see IndiaMART in the coming 10 years? Do you think that the soft skills are going to evolve the company and take it to the whole new level?

Mr. Dinesh: Hi Sukriti we are a business discovery platform with a motto “To make doing business easy for businesses in the country”. Since more than two decades we continue to invest heavily in People and Technology to serve the MSMEs of the country . With improving internet adoption and post Covid, the realisation amongst businesses to adopt technology, we are expecting our core businesses to get a further tailwind. In addition to that we are working on various other initiatives on FinTech , SaaS etc that will provide many more single window solutions that businesses need today . Since our core assets are our People , soft skills are the key ingredients for any service industry to thrive and grow. Since beginning our focus has been to develop/ groom our people well on skills , knowledge & behaviour. We have various unique initiatives already working at IndiaMART and I see our commitment to groom our people further, increasing with every day in times to come.

Sumit: Hello sir, Sir what is your success mantra in life that makes you go forward even with the pandemic and the evolvement we all are witnessing at the present time.

Mr. Dinesh: Hi Sumit there are few basics that one needs to keep always in mind : – The resolve & commitment: We can & we will do it. – Perseverance & Patience – Positive attitude – Team Work besides these the other core skills required are Problem Solving , Communication , Emotional intelligence , Culture Competence.
Lately Digital Engagement and Data Literacy have become the new age skills that one must have to win over any challenges including the current pandemic.

Keshav: Hello sir, I am a B.Tech graduate sir and would like to pursue my career in Artificial Intelligence domain. However, I have prior experience of mobile app development. Can you suggest me something that can help me take a leap?

Mr. Dinesh: Hi Keshav AI is a concept to create intelligent machines that can simulate human thinking capability and behavior, whereas, ML is an application or subset of AI that allows machines to learn from data without being programmed explicitly. AI and ML require good understanding of Data, Business context and Statistical analysis. If you have not taken any course in statistical analysis, then that is a pre-requisite. Most AI/ML course, however, would spend a fair amount of time in teaching Statistics, and problem-solving techniques using regression, distribution, integration and differentiation techniques. You, however, will not be required to write programs to run a regression analysis, as the modern-day technology stacks come with inbuilt libraries to solve these problems. Pyhton, for example, is getting very popular with programmers who want to get into the field of AI/ML.
You also need to have a fair amount of understanding of data structure and cloud platforms as you would need a place to store your data and run your programs. Amazon and Microsoft Azure offer comprehensive technology stacks that you can use at an optimal cost. Joining a structured program will help. There are several courses available online on sites like Coursera, Unacademy etc. These course will introduce to the tools, language, framework, standard algorithms, libraries and a lot of lab problems on simulated data. However, the actual learning will come only when you start implementing the knowledge to solve real business problems. For working people, the best way is to find a sponsor from within your organization’s business side who is willing to spend time with you to explain a business problem and later on validate the output of your model Or in other words find a Capstone Project.

Mr. Dinesh: Thank you very much and my best wishes to all of you for charting a wonderful career ahead.. Keep learning and keep growing is the age proven mantra that will keep you consistently moving up the ladder..

Moderator: Thank you everyone for taking out time to participate in the session. Hope the session was useful for you. We regret that due to time constraint Mr. Dinesh could not answer all questions. The chat transcript of the session will be made available for your future read, soon on the site.

Indiamart Q3 net profit up 29 pc to Rs 80 cr | Outlook

Outlook

New Delhi, Jan 18 (PTI) B2B e-commerce firm Indiamart Intermesh on Monday posted a 29 per cent rise in its consolidated net profit to Rs 80 crore for the third quarter ended December 31, 2020.The company had reported a net profit of Rs 62 crore in the year-ago period, a regulatory filing said.Its revenue from operations stood at Rs 174 crore in the third quarter of 2020-21, up 5 per cent from Rs 165 crore in the corresponding period last fiscal, it added.

It attributed this growth to “marginal improvement in realisation of existing customers and increase in number of paying subscription suppliers”.Indiamart Intermesh Chief Executive Officer Dinesh Agarwal said, “We are pleased to report a resilient financial performance this quarter with steady recovery in the business parameters while maintaining healthy margins and cashflows.”

He added that the firm sees improvement in overall demand environment and business activity. “Our strong value proposition, customer relationships and balance sheet make us confident of supporting businesses in their transformation to online.”He added that with the emerging accelerated digitisation needs of businesses, the company is looking forward to kick-starting the new year on an optimistic note.

The company said its consolidated deferred revenue declined from Rs 649 crore in the third quarter of FY20 to Rs 633 crore in the December quarter of FY21.On a sequential basis, the net profit was higher by 15 per cent from Rs 70 crore, while revenue was higher by 6 per cent from Rs 163 crore in the September 2020 quarter. PTI SR HRS hrs