Intermesh Ltd., a business-to-business marketplace, has agreed to acquire 100% of accounting platform Busy Infotech Pvt. Ltd. for Rs 500 crore.
The B2B company is also participating in the Series B funding round of Simply Vyapar Apps Pvt. Ltd. Through its wholly-owned subsidiary Tradezeal, it is also acquiring 75,000, 0.0001% compulsorily convertible debentures of Legistify, a startup that offers software tools to firms to manage their legal workflows.
Incorporated in 1997, Busy Infotech is one the largest accounting software companies in the country with a pan-India presence. It had revenue of Rs 42.4 crore and a profit after tax of Rs 11 crore in the fiscal ended March 31, 2021.
“Busy has been an established brand in the Indian accounting landscape for the last 25 years. Their value proposition fits well with Indiamart’s long-term objective of making doing business easy for Indian businesses,” said Dinesh Agarwal, founder and managing director of Indiamart, said in a statement. “This acquisition augments Indiamart’s value proposition, and given our large customer base as well as market understanding, we are confident of taking Busy to the next level.”
Simply Vyapar
Indiamart had in September 2019 led Simply Vyapar’s Series A round, investing Rs 31.2 crores for a 26% stake in the company. Simply Vyapar offers a comprehensive GST billing, accounting and inventory management product for small businesses, which allows them to digitise their business operations. It has over 1 lakh paying customers for its product.
“We had initially invested in Vyapar with a strong belief in the product and in the team’s ability to execute at scale. We continue to be excited and partner for their next phase of growth, as part of our long-term vision to make doing business easy for millions of Indian businesses,” Agarwal said.
Source: Economic Times