Indiamart buys 26% stake in Realbooks for Rs 13.75 crore

Indiamart, a business to business (B2B) e-commerce company, announced the purchase of a 26.01% stake in cloud-based account software company Adansa Solutions for Rs 13.75 crore on Monday. Indiamart's wholly-owned subsidiary Tradezeal Online Private Limited acquired shares in the transaction through a combination of primary and secondary share purchases. Adansa Solutions, which sells a cloud-based accounting software product for businesses under the brand name Realbooks, had a turnover of Rs 2.6 crore in the fiscal year 2021. Indiamart is the country's largest online B2B marketplace, bringing buyers and sellers together. With a 60% market share in India's online B2B classified space, the channel focuses on providing a platform to Small and medium-sized enterprises (SMEs), Large Enterprises, and individuals. The mission of the company, which was founded in 1999, is to make doing business easy. Indiamart Intermesh, a B2B e-commerce company, reported a 12.4% drop in consolidated net profit to Rs 70.2 crore in the December 2021 quarter on Monday. In the previous fiscal year's corresponding period, the company made a net profit of Rs 80.2 crore. According to a regulatory filing, revenue increased 8.3% to Rs 188.1 crore in the third quarter of FY22 from Rs 173.6 crore the previous year. During the third quarter of FY22, Indiamart had 259 million visitors and 23 million unique business inquiries. Supplier storefronts increased by 10% year over year to 7 million, and paying subscription suppliers increased to 1.56 lakh with a net addition of 5,833 subscribers during the quarter. Image Source Also read: Bosch bags 26% stake in Autozilla Solutions B2B E-marketplace