Indiamart Intermesh Limited — Important, 29-11-2024: General Updates

IndiaMART InterMESH Limited has entered into an agreement to acquire 100 equity shares and subscribe to 91,804 Compulsory Convertible Preference Shares of Mobisy Technologies Private Limited. Following this, the shareholding in Mobisy is expected to rise to approximately 31.33% on a fully diluted basis. The total investment for this acquisition is up to Rs. 14.28 crore. Mobisy, a related party and associate company, specializes in developing web and mobile applications focused on sales force and supply chain automation, with its main product, Bizom, generating a turnover of Rs. 78.6 crore for the financial year 2024. This strategic move aligns with IndiaMART’s long-term goal of expanding its Software as a Service (SaaS) offerings. The acquisition is anticipated to be completed within 90 days. Investors should monitor developments closely as this expands IndiaMART’s service capabilities and enhances its market position.