Local search and classified services provider Getit Infoservices Pvt Ltd has received approval from the Foreign Investment Promotion Board (FIPB), the nodal government body monitoring foreign investments in India, to raise Rs 216 crore or approximately $36.4 million. But the note has not disclosed who the proposed investor is in Getit.
Repeated attempts to get more details of the proposed funding from Getit and its existing investors did not elicit any response till the time of publishing this article.
Earlier this year, Getit bought Yellow Pages and AskMe from Network18. It also appointed former Microsoft executive Jaspreet Bindra as its new chief executive.
Getit is a digital marketing company and offers a platform for local searches, classifieds, micro communities and deals. Last year, it launched a local search app for the iOS and later extended it to Android, BlackBerry and Windows OS platforms. A month later, it came up with NearMe, a local search feature for mobile apps. The company also offers 24Ã—7 teleservice for consumers who want to buy or sell products.
Last December, Getit announced a partnership with Yahoo where Getit would power the search results under Yahoo Local. This means any search conducted on Yahoo Local will automatically land on a co-branded section that will be powered by Getit.
The market leader in this space is Just Dial Ltd, which runs the India-specific local business listings site Justdial.com, and has completed its maiden public issue.
(Edited by Sanghamitra Mandal)