Posted by New Delhi: IndiaMart InterMesh has entered into a definitive agreement to acquire 100% ownership of Busy Infotech Private Limited (Busy). IndiaMart, the largest online B2B marketplace in India will acquire Busy in a Rs 500 crore cash deal.
Incorporated in 1997, Busy is one of the largest accounting software firms in India with a pan – India presence. It earned Rs 42.4 crore in revenues with Rs 11 crore as profit after tax in FY’21.
“Busy has been an established brand in the Indian accounting landscape for the last twenty-five years. 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 – IndiaMart.
IndiaMart has also announced that it has participated in a Rs 217.5 crore Series B funding round of Simply Vyapar Apps Private Limited (‘Vyapar’). Westbridge Capital, along with the participation of existing investor India Quotient led this funding round.
IndiaMart had previously led Vyapar’s Series A funding round in September 2019 and invested Rs 31.2 crores for a 26% stake in the company. Vyapar offers a comprehensive GST billing, accounting and inventory management product for small businesses. Vyapar has over1 lakh paid users for its products.
On investment in Vyapar, Agarwal said, “We had initially invested in Vyapar with a strong belief in the product and in the team’s ability to execute at scale. We are gratified to have seen Vyapar grow several times since then – they currently have over 4.5 lakh users of their product, with over 1 lakh paid customers.”
Further, “We continue to be excited and partner for their next phase of growth, as part of our long-term vision to make doing business easy for millions of Indian businesses,” added Agarwal.
Along with the fresh investments, IndiaMart indirectly through its wholly-owned subsidiary, Tradezeal has agreed to acquire 75,000 (0.0001%) compulsorily convertible debentures (CCDs) in Legistify – a SaaS tool provider to manage legal workflows for businesses.