This investment marks a 10% minority stake acquisition for Indiamart
New Delhi: Noida-based online business-to-business (B2B) marketplace Indiamart has invested an amount of Rs 89.7 crore to acquire a 10% minority stake acquisition in Bengaluru-based IT services and consulting company Baldor Technologies Pvt. Ltd. (IDfy), a release by the company said on Thursday.
“In an era where trust and authenticity are paramount, IDfy’s expertise in background verification and authentication aligns seamlessly with Indiamart’s mission to empower businesses digitally,” said Dinesh Agarwal, founder and managing director, Indiamart.
Founded in 2011, IDfy is an integrated identity platform offering products and solutions for know your customer (KYC), background verifications, risk mitigation, digital onboarding and digital privacy.
“We are thrilled to collaborate with IndiaMart to empower MSMEs and expand their businesses while effectively managing risks and fraud. This partnership leverages the strengths of IDfy’s expertise with IndiaMART’s forward-thinking vision,” said Ashok Hariharan, chief executive officer (CEO), IDfy.
When it started in the 1990s, Indiamart opened up the world to Indian businesses wanting to expand their business beyond boundaries. The online B2B marketplace for business products and services offered a platform for buyers and sellers across product categories and geographies in India to connect and grow.
In the fourth quarter (Q4) of the financial year (FY) 2023-24, Indiamart’s topline increased by 17.1% and the profit by 78.04% year on year (YoY).
