Indiamart acquires 26% stake in IB Monotaro
Business-to-business e-commerce company Indiamart has acquired a 26% stake in industrial e-commerce business IB Monotaro Private Limited.
“Indiamart, the largest B2B marketplace of India, has acquired 26% (on a fully diluted basis) share capital of IB Monotaro Private Limited (IMPL),” said Indiamart in a statement, the Press Trust of India reported. “The company acquired 8.1 lakh shares from Emtex Engineering Private Limited for a total consideration of Rs 104.2 crore.”
Indiamart expects to close the stake acquisition transaction within 30 days. The business aims to use this stake acquisition to bolster its work helping businesses transform their operations and structure to do business online.
Following the transaction, Japanese business Monotaro will hold a 51.6% stake in IB Monotaro and Emtex Engineering, which represents the promoter group and early investors, will hold a 22.4% stake in the business. IB Monotaro operates under its brand name 'Industry Buying'.
Indiamart Intermesh recently reported a 12% drop in consolidated net profit to Rs 70 crore during the recent third fiscal quarter which ended in December 2021 compared to a net profit of Rs 80 crore in the year-ago period. The business’ revenue for the quarter also dropped by 8% but the business was positive about its quarterly performance citing growth in customers and deferred revenue with healthy margins and cash flows.
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