IndiaMART

IndiaMART InterMESH Ltd.
Company typePublic
ISININE933S01016
Industry
Founded1 April 1996; 28 years ago (1996-04-01)
Founders
Headquarters
Noida, Uttar Pradesh
,
India
Area served
India
RevenueIncrease ₹1,196 crore (US$140 million) (FY24)[1]
Increase ₹334 crore (US$39 million) (FY24)[1]
Number of employees
5,384
Subsidiaries
  • Tolexo
  • Tradezeal International
  • Busy Infotech[2]
Websiteindiamart.com

IndiaMART InterMESH Ltd is an Indian B2B online marketplace, connecting buyers and suppliers. It is headquartered in Noida. The company started its operations in 1996 when Dinesh Agarwal and Brijesh Agrawal founded the website IndiaMART.com,[3] a business-to-business portal to connect Indian manufacturers with buyers.[4][5]

History

Founded in 1996 by two cousins Dinesh Agarwal and Brijesh Agrawal, IndiaMART began as a B2B directory and website developer for SMEs.[6] At that time, India had only 15,000 internet users.[7]

Due to Indian rupee's appreciation between 2005 and 2007 and the impact of the 2008–09 US recession, the company decided to pivot the focus from export-oriented business to India-focused B2B market and raised funding from The Times Group and Intel Capital.[8][9][10]

In March 2016, it raised Series C funding from Amadeus Capital Partners and Quona Capital to scale up the activities of IndiaMART and Tolexo.[11] In 2016, IndiaMART invested in ProcMart.[12]

In June 2018, IndiaMART filled draft papers with SEBI to raise ₹600 crore through IPO and list on NSE and BSE.[13] In July 2019, IndiaMART went public via an IPO of ₹474 crore.[14][15] IndiaMART became the first online B2B marketplace to go public in India.[16]

As of 2019, IndiaMART was the largest Indian B2B marketplace for businesses with about 60% market share, according to KPMG.[16] In 2019, IndiaMART led the Series A funding round in Vyapar.[17]

In January 2022, IndiaMART acquired 100% stake in accounting software company Busy Infotech for ₹500 crore.[18] In 2024, it acquired a 10% stake in IDfy.[19]

Financials

IndiaMART handles 108 million products across 56 industry groups. It hosts 98,000 product categories - ranging from construction and building raw materials, industry plants, machinery and packaging material to electrical equipment, apparel to furniture, housewares, and cosmetics, among others. Godrej, Blue Star, Tata Motors, Automat, Essae, Hilti, TMTL are some of the biggest suppliers with IndiaMART.[20][21]

In November 2020, IndiaMART filed a copyright infringement lawsuit against Justdial before the Delhi High Court on allegations of copying website compilations for the proposed JD Mart B2B marketplace.[22][23]

Since 2018, the USTR has listed IndiaMART as a "notorious market" due to reports of counterfeit products and illegal pharmaceuticals being sold on the marketplace.[24][25]

References

  1. ^ a b "Q4 results review: IndiaMART InterMESH zooms 10% despite target price cuts as Q4 PAT jumps 79%". livemint.com. Mint. Retrieved 2 May 2024.
  2. ^ "IndiaMART to acquire Busy Infotech for Rs 500 Crores". IndiaMART. 25 January 2022. Retrieved 25 January 2022.
  3. ^ Disha Sharma (4 January 2016). "Indiamart's Agarwal backs office products portal ProcMart". VCCircle. Archived from the original on 25 October 2016. Retrieved 27 January 2016.
  4. ^ Varun Jain (16 September 2015). "Indiamart eyes Rs 2,000 cr revenue by 2020". Indiatimes.com. Retrieved 27 January 2016.
  5. ^ Ankita Rai (17 August 2015). "IndiaMART: Small business means big business". Business Standard. Retrieved 27 January 2016.
  6. ^ Soumya Gupta (21 February 2017). "IndiaMART To Stream 50% of Revenue from Big Brands by 2020". Business World. Retrieved 13 October 2019.
  7. ^ Dijbijay Mishra (22 July 2019). "'Dot-com bust was the best thing that happened to us'". Times Of India. Retrieved 12 October 2019.
  8. ^ "IndiaMart.com gets funds from Intel Capital". Times of India. 14 January 2009. Retrieved 27 January 2016.
  9. ^ N Sundaresha Subramanian (16 July 2015). "Rs 1 crore a day is not far away for PE-backed Indiamart". Business Standard. Retrieved 27 January 2016.
  10. ^ Chatterjee, Paramita; Nair, Radhika P. (7 May 2011). "Warburg Pincus in talks with IndiaMart for Rs 150 crore investment". The Economic Times. Retrieved 24 November 2024.
  11. ^ "Indiamart raises Series C funding from Amadeus Capital, WestBridge & others". VCCircle. 9 March 2016. Archived from the original on 20 July 2016. Retrieved 3 June 2016.
  12. ^ "IndiaMART Invests In B2B Marketplace ProcMart". Inc42 Media. 21 June 2016. Retrieved 15 July 2020.
  13. ^ "IndiaMART Files Draft Papers To Raise $88.24 Mn". Inc42. 3 July 2018. Retrieved 3 July 2018.
  14. ^ ET Markets.com (21 June 2019). "IndiaMART IPO opens on Monday; here's what you need to know". Economic Times. Retrieved 13 October 2019.
  15. ^ NDTV Profit Team (26 June 2019). "IndiaMART InterMESH IPO Fully Subscribed On Day 2". NDTV Profit. Retrieved 8 October 2019.
  16. ^ a b Manish Singh (6 July 2019). "A 23-year-old B2B company has shown how keen India is for tech IPOs IndiaMART is the first business-to-business e-commerce firm to go public in India". Tech Crunch. Retrieved 15 October 2019.
  17. ^ S.H, Salman (3 September 2019). "IndiaMART leads Series A investment in Vyapar". livemint.com. Retrieved 15 July 2020.
  18. ^ "Indiamart Intermesh to acquire accounting software solutions provider - Busy Infotech". business-standard.com. Business Standard. Retrieved 28 June 2024.
  19. ^ "IndiaMART picks up 10% stake in KYC solutions provider IDfy". BusinessLine. 30 May 2024. Retrieved 24 November 2024.
  20. ^ "Financial Results/Statements".
  21. ^ "Will IndiaMART InterMESH maintain its market leadership?". 13 June 2024.
  22. ^ Bhalla, Madhurima Nandy, Tarush (18 November 2020). "Indiamart, JD in legal war over copyright violations". mint. Retrieved 17 December 2020.{{cite web}}: CS1 maint: multiple names: authors list (link)
  23. ^ "Clash of Marts | Lexology". www.lexology.com. 25 November 2020. Retrieved 17 December 2020.
  24. ^ "2017 Out of Cycle Review of Notorious Markets" (PDF). Office of the United States Trade Representative. 11 January 2018. Archived (PDF) from the original on 23 December 2020. Retrieved 10 January 2021.
  25. ^ "2022 Review of Notorious Markets for Counterfeiting and Piracy" (PDF). Office of the United States Trade Representative. 31 January 2023. Archived (PDF) from the original on 2 February 2023. Retrieved 28 March 2023.