IndiaMART Intermesh, a leading e-commerce company, has acquired Busy Infotech for Rs 500 crore.
Busy Infotech is one of the largest accounting software companies in India. It was incorporated in 1997 and has pan-India presence.
Founded in 1996, IndiaMART Intermesh provides business-to-business and customer-to-customer sales services on its platform.
“This acquisition further augments IndiaMART’s value proposition and given our large customer base as well as market understanding, we are confident of taking Busy to the next level,” said Dinesh Agarwal, Founder and MD at IndiaMART.
IndiaMART also announced its participation in the Series B investment round of Simply Vyapar Apps (Vyapar) of Rs 217.5 crore. The funding round was led by Westbridge Capital, along with participation from the existing investor — India Quotient.
IndiaMART had previously led Vyapar’s Series A investment round in September 2019 by investing Rs 31.2 crore for 26 percent stake in the company. Vyapar offers comprehensive GST billing, accounting and inventory management product for small businesses, which allows them to digitise their business operations.
IndiaMART earlier reported consolidated revenue of Rs 188 crore (+8 percent) in Q3FY22. The growth was driven by improvement in realisation from existing customers and increase in number of paying subscription suppliers. IndiaMART’s net profit stood at Rs 70 crore.
