IndiaMART InterMESH Limited completed the acquisition of 7.7% stake in Mynd Solutions Pvt. Ltd. from India Opportunity Fund, a fund managed by SIDBI Venture Capital Limited.
November 28, 2021
Share
IndiaMART InterMESH Limited (NSEI:INDIAMART) agreed to acquire a 7.7% stake in Mynd Solutions Pvt. Ltd. from India Opportunity Fund, a fund managed by SIDBI Venture Capital Limited, for approximately INR 320 million on October 29, 2021. The company shall invest a total of INR 324,340,096/- in cash to purchase 3,336,489 Equity Shares at a price of INR 97.21 per equity share. The total turnover for the entity for the year ended March 31, 2021 was INR 86.2 million. The indicative time period for completion of the acquisition is 10 days. As of November 15, 2021, due to certain unforeseen delay in processing the transaction on account of involvement of multiple parties, the aforesaid acquisition is expected to be completed by December 15, 2021.
IndiaMART InterMESH Limited (NSEI:INDIAMART) completed the acquisition of 7.7% stake in Mynd Solutions Pvt. Ltd. from India Opportunity Fund, a fund managed by SIDBI Venture Capital Limited on November 29, 2021
IndiaMART InterMESH Limited is an India-based online business-to-business (B2B) marketplace, which connects buyers with suppliers. The channel is focused on providing a platform for small and medium enterprises (SMEs), large enterprises, as well as individuals. The Company operates through two segments: Web and related Services and Accounting Software Services. Web and related services segment provide business-to-business e-marketplace services, which acts as an interactive hub for domestic and international buyers and suppliers. The Accounting software services segment provides the business of development, system analysis, designing and marketing of integrated business accounting software to help and manage businesses with increased efficiency. The Company's solutions include IM Leader, IM Star, TrustSEAL, Maximiser, IndiaMART Paid Service (MDC), IndiaMART Verified Exporter, enterprise solutions and advertising solutions.
IndiaMART InterMESH Limited completed the acquisition of 7.7% stake in Mynd Solutions Pvt. Ltd. from India Opportunity Fund, a fund managed by SIDBI Venture Capital Limited.