Info Edge (India) Ltd, the parent of job portal Naukri.com and real estate website 99acres.com, is acquiring white-collar recruitment portal iimjobs.com for $11.58 million (Rs 80.82 crore).
In a stock-exchange filing, Mumbai-listed Info Edge said that its board had approved a cash deal to acquire Highorbit Careers Pvt. Ltd, which operates iimjobs.com.
The acquisition will help the firm further consolidate its position in the online recruitment solutions segment and complement flagship brand Naukri.com, it added.
Info Edge said it expects to complete the transaction by June 30, after which Delhi-based Highorbit Careers will become a wholly-owned subsidiary.
iimjobs.com was launched by Tarun Matta in 2008 as a side project while he was still working with RockeTalk, a multi-platform mobile app.
He left the firm in 2010 to focus on the portal full time. A graduate of Indian Institute of Management-Indore, Matta previously worked with Bell Labs, Lucent Technologies, CSC, Neilsoft Ltd and ITC Infotech.
The platform helps users seek white-collar jobs across small, medium and large entities, particularly in management and technology functions in industry verticals that include banking & finance, consulting, research & analytics, sales & marketing, HR, IT and operations.
The company clocked a turnover of $2.37 million (around Rs 16 crore) for the financial year ended March 31, 2019. It had recorded revenue of $1.96 million (Rs 13.7 crore) in the previous fiscal.
The Noida-headquartered firm runs multiple digital businesses, including matrimonial site Jeevansathi.com and education platform Shiksha.com. It caters to the Middle East market apart from 42 cities in India.
It is also an investor in several technology firms, including online restaurant discovery and food delivery platform Zomato.
Last month, it invested an additional Rs 6 crore ($867,480) in its portfolio company ShoeKonnect.
In February this year, it put in an additional Rs 2 crore ($280,000) in business-to-business sales catalogue app Wishbook, increasing its stake in the firm to 28.98%.
Info Edge also invested in enrolment management platform NoPaperForms and B2B e-commerce platform ShopKirana in December 2018.
Last month, Info Edge appointed Pawan Goyal, a former general manager at Adobe Systems, as the chief business officer at recruitment portal Naukri.com and Naukrigulf.com.