IndiaMART InterMESH has announced an investment of approximately Rs. 45.98 crore in Finlite Technologies for acquiring 51.09% stake in the company.
As part of the transaction, IndiaMART will be investing Rs 35 crore into the company via primary infusion and purchase shares from the promoters for the remaining amount.
Finlite Technologies under the brand name 'Livekeeping', offers value added services to businesses over their existing on-premise accounting softwares, primarily ''Tally''.
It provides desktop based digital integration with on-premise accounting software which syncs the data automatically to its mobile based application enabling the user to view their accounting data on mobile.
Businesses can access, analyze and share accounting information like sales, receivables, outstanding payments on real time through Livekeeping application.
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In addition, Livekeeping also offers API's to connect on premise accounting software, with different e-commerce platforms, ERP's and software enabling speedily transfer of data.
Speaking about the investment, Mr. Dinesh Agarwal, CEO of IndiaMART said "Real time visibility of accounting data like revenue growth, profitability, cash flow management, etc. is a critical yet underserved problem faced by Indian Businesses.
Livekeeping has been able to validate an innovative SaaS based solution to this problem. Further, this investment helps complete the IndiaMART ecosystem in the accounting space.
Since its listing on BSE and NSE, IndiaMART has invested in companies such as Vyapar, Bizom, Shipway, Legistify, Superprocure, Aerchain, M1xchange, Easyecom, Fleetx, Industry Buying, BUSY, Realbooks and Zimyo. All these investments are part of IndiaMART's long term objective of offering various software solutions which improve ease of doing business for Indian businesses and Enterprises.
IndiaMART is India's largest online B2B marketplace, connecting buyers with suppliers. With a 60% market share of the online B2B classified space in India, the channel focuses on providing a "360- degree solution to small & medium enterprises (SMEs), large enterprises as well as individuals.
The company's consolidated net profit declined 12.47% to Rs 70.20 crore on 8.35% rise in net sales to Rs 188.10 crore in Q3 December 2021 over Q3 December 2020.
The scrip fell 1.09% to currently trade at Rs 4407.40 on the BSE.
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