Business Standard

Indiamart Intermesh arm acquires 26.23% stake in Agillos e-com for Rs 26 cr

The investment shall be in line with the Indiamart Group's long-term objective of offering various Software as a Service (SaaS) based solutions for businesses

Dinesh Chandra Agarwal, Managing Director and CEO IndiaMART InterMESH

Dinesh Chandra Agarwal, Managing Director and CEO IndiaMART InterMESH

Press Trust of India New Delhi
B2B e-commerce firm Indiamart Intermesh will acquire a 26.23 per cent stake in Agillos E-commerce for Rs 26 crore in an all-cash deal to boost its software as a service portfolio, according to a regulatory filing.
The deal is expected to be closed before September 16, the filing said.
"IndiaMART InterMESH Limited has indirectly through its wholly owned subsidiary, Tradezeal Online Private Limited, agreed to acquire 26.23 per cent of the share capital (on fully diluted basis) of Agillos E-Commerce Private Limited (AEPL)," the filing said.
The investment shall be in line with the Indiamart Group's long-term objective of offering various Software as a Service (SaaS) based solutions for businesses, it added.
"AEPL, under its brand name 'Aerchain', is in the business of offering SaaS based solutions for businesses to automate their procurement operations. Aerchain seamlessly connects relevant stakeholders, brings visibility, improves efficiency and spreads intelligence across the entire source to pay lifecycle of enterprises," the filing said.
AEPL has seen a sharp dip in revenue from Rs 4.9 crore in financial year (FY) 2019 to Rs 29 lakh in FY '2020, according to the filing.
Indiamart Intermesh recorded a net profit at Rs 88 crore and consolidated revenue of Rs 182 crore in the first quarter ended June 30, 2021.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Aug 03 2021 | 5:14 PM IST

Explore News