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IndiaMART
IndiaMART, one of the largest Indian e-commerce websites, along with four physical marketplaces in Delhi, Bengaluru, Kolkata and Mumbai have figured in the latest annual edition of the Notorious Markets List of the US. Released by the US Trade Representative (USTR) on Tuesday, the 2022 Notorious Markets List identifies 39 online and 33 physical markets that are reported to engage in or facilitate substantial trademark counterfeiting or copyright piracy. The Indian markets in the list are IndiaMART, Heera Panna in Mumbai, Kidderpore in Kolkata, Sadar Patrappa Road Market in Bengaluru, and Tank Road in Delhi. "The widespread trade in counterfeit and pirated goods harms the economic security of American workers and undermines our work to craft equitable and inclusive trade policy," USTR Katherine Tai said. "The Notorious Markets List is an important tool that urges the private sector and our trading partners to take action against these harmful practices," she added. According to the
B2B e-commerce firm Indiamart on Monday announced acquisition of 26.01 per cent stake in cloud-based account software firm Adansa Solutions for Rs 13.75 crore. As part of the transaction, Indiamart's wholly-owned subsidiary Tradezeal Online Private Limited has acquired shares via a mix of primary and secondary share purchases. "Unlike existing desktop based software solutions which were designed for traditional businesses, the team at Realbooks has consciously designed a cloud first product which makes it appealing for new age businesses. "We believe that this investment complements other initiatives we are taking within this space, and are excited to partner with them for their next phase of growth," Indiamart CEO Dinesh Agarwal said in a statement. Adansa Solutions under the brand name 'Realbooks', offers a cloud based accounting software product for businesses and had turnover of Rs 2.6 crore in financial year 2021.
B2B e-commerce firm Indiamart Intermesh on Monday posted a 12.4 per cent decline in consolidated net profit to Rs 70.2 crore in the December 2021 quarter. The company had registered a net profit of Rs 80.2 crore in the corresponding period of the last fiscal. Its revenue grew 8.3 per cent to Rs 188.1 crore in the third quarter of FY22 from Rs 173.6 crore in the year-ago period, a regulatory filing said. Indiamart registered a traffic of 259 million and unique business enquiries of 23 million during the third quarter of FY22. Supplier storefronts grew to 7 million, an increase of 10 per cent year-on-year and with a net addition of 5,833 subscribers during the said quarter, paying subscription suppliers grew to 1.56 lakh. "We are pleased to report a good financial performance in this quarter with growth in customers and deferred revenue with healthy margins and cash flows. Growing internet adoption strengthens our value proposition of helping businesses transform themselves to do ...
B2B e-commerce firm Indiamart Intermesh has acquired a stake in trade receivable discounting system services firm M1xchange for Rs 32.4 crore, the fintech firm said on Monday. Indiamart has earlier announced a deal to acquire 7.7 per cent in M1xchange for Rs 32.4 crore and the transaction closes with the fintech firm securing the deal amount. "M1xchange, India's largest TReDS platform, has secured over Rs 324 million in secondary funding from Indiamart Intermesh Limited, in a deal that provided part exit to SIDBI Venture Capital Limited, an early investor in the company," M1xchange said in a statement. SIDBI Venture was the first institutional investor in the company. "SIDBI Venture Capital Limited has partly exited with a return on investment of around 7 times, on the investment made in first tranche in 2015," the statement said. Indiamart founder and managing director Dinesh Agarwal said that this investment is in line with the company's long-term objective of offering various .