Naukri.com parent InfoEdge acquires rival portal iimjobs for ₹808.1 million
InfoEdgehas acquired Highorbit Careers Pvt. Ltd which runs iimjobsand hirist.com in a deal worth ₹808.1 million. Naukrihas more than 475,000 jobs on its platform at any given point and has more than 60 million registered job seekers on its platform.
- InfoEdge runs Naukri.com, jeevansathi.com, 99acres.com and shiksha.com was one of India’s early startups to head for an IPO.
“In India, internet businesses are just starting. We continue to look for good opportunities outside to invest for our internal businesses to grow,” Hitesh Oberoi, Co-Promoter, MD and CEO, InfoEdge had told Business Insider.
InfoEdge will be acquiring 100% of Highorbit Careers Pvt. Ltd in a deal worth ₹808.1 million. Naukri has more than 475,000 jobs on its platform, along with more than 60 million registered jobseekers. With products such as Resume Database Access, Job Postings and Response Management Tool for over 76,000 corporate clients, the portal has a traffic share of over 70%.
iimjobs, which was founded in 2010, has 23,000 job postings with 1.8 million job seekers every month.
In 2016, iimjobs had raised funding worth $2 million from India Quotient, an early stage investment firm. According to reports, iimjobs had also raised funding from Department for Promotion of Industry and Internal Trade.
“iimjobs has managed to carve a niche for itself and has built a great brand in the premium jobseeker community. Its value proposition strongly complements Naukri’s proposition to its customers,” said Oberoi.
AdvertisementInfoEdge, which runs Naukri.com, jeevansathi.com, 99acres.com and shiksha.com, was one of India’s early startups to head for an IPO.
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