Internet search firm Yahoo! has acquired around 30 per cent stake in Chennai-based tele-information service provider Info Network Management Company (INMAC), for an undisclosed amount.
With this investment which has been done through Yahoo!'s Dutch subsidiary, Yahoo! will have representation in INMAC's board, the company officials said today.
INMAC is known for its consumer brand, Call Ezee, a telephone directory search service available across 14 cites in India, including Mumbai, Delhi, Chennai, Bangalore, Hyderabad and Kolkata. Consumers can call the local Call Ezee number from their mobile or fixed line phones to get the contact details of any business establishment or for any kind of service.
INMAC intends to strengthen its manpower and technology so as to triple its reach across India over the next two years, by upgrading its existing technology.
“We are happy to be a strategic investor in INMAC as the Call Ezee business seeks to establish itself as a national player in the voice-based local search space. The Indian local search market is seeing significant changes, as more and more consumers are using mobile phones to search for and find local businesses,” Keith Nilsson, senior vice president and head, emerging markets, Yahoo! said.
Added T S Narayanaswamy, Founder and CEO, INMAC: “We believe the funds provided by Yahoo! will help us scale our business. The funding will be used to increase coverage of Call Ezee, make technology improvements as well as build a world-class team.”
