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"Radix was launched in 2012 with an eventual investment of Rs 160 crore. Its annual revenue for the calendar year 2017 was over Rs 80 crore and is expected to cross Rs 100 crore in 2018," Turakhia told PTI.
Radix, the domain registry firm, claims to have sold over 30 lakh domain (website) names to users around the world.
"We are pleased to elevate Sandeep to the position of CEO at Radix. Having worked with us since 2003 across various businesses, Sandeep has been an integral part of our journey. We remain extremely bullish about the future opportunities in the domains space, and are confident that Sandeep will scale the business rapidly," Bhavin Turakhia said.
Bhavin Turakhia will continue to be Radix's Executive Chairman.
Radix had bid to operate 31 top level domain extensions and won the rights for nine extensions, including .online, .site, .tech, .store, .press and .fun.
"India is the 3rd largest startup ecosystem in the world and has 42.50 million SMEs but the domain penetration rate in India is 1.1 per cent, compared to 3.6 per cent in China and 43.6 per cent in the US. This gap will soon begin to close and the demand for websites, professional email addresses, and consequently, domains names will grow at an even faster pace," Ramchandani said.
As per a report by Zinnov, the domain name industry in India has grown by a CAGR of 11.9 per cent during the period June 2013 - June 2016, as compared to 8.7 per cent globally.