Intrasoft Technologies to foray into e-invitations

After becoming the country's largest e-greeting cards service provider through its www.123greetings.com website, IntraSoft Technologies Limited is now foraying into e-invitation cards segment.  The company believes the market for e-invitation is twice as large as e-greeting cards.

"We are currently working on introducing e-invitation cards services.  We are already a leading player in e-greetings.  But the market for e-invitation is twice as large as e-greeting cards.  We have already achieved a major market share in e-greetings segment and we see lot of potential in e-invitations as well," said Arvind Kajaria, managing director, Intrasoft Technologies Limited. According to Kajaria, while the e-invitation segment is a growing market in the US, in India it is still at a very nascent stage.  

With 90 million online visitors so far at www.123greetings.com, Intrasoft Technologies is currently witnessing 70 per cent of its business coming from the US, followed by 28 per cent from India and rest from Far East countries.  However, Kajaria added that the company is reducing its dependence on the US market.

Apart from e-greetings, the company is also focusing on offering gifting services.  

"We are tying up with companies manufacturing soft toys, chocolate, etc. for increasing our gifting services.  It is being observed that the focus is shifting from greetings cards to gifts.  We intend to offer such services through our websites more often now," he said.

Meanwhile, in order to expand its operations and investment in technology infrastructure, the company is raising Rs 50-54 crore through an initial public offering (IPO).  Intrasoft Technology has announced a price band of Rs 137 to Rs 145 for its upcoming IPO of 37,00,000 equity shares of face value of Rs 10 each.  

The issue will open for subscription on March 23, 2010 and will close on March 26, 2010 wherein the Company will raise Rs 50.69 Crores at the lower end of the price band and Rs 53.65 Crores at the upper end of the price band.