Noida-based Info Edge announced that it has acquired Zwayam Digital Pvt. Ltd. on a fully diluted basis for about $8.3 million (INR 61 crores). Once the acquisition is complete, Zwayam will become wholly-owned subsidiary of the company.
Bengaluru-based Zwayam specializes in SaaS-based recruitment solutions with configurable plug-and-play modules. Its acquisition is expected to help Info Edge further strengthen its position in India’s online recruitment segment where its flagship brand Naukri has a leading position.
Zwayam had a turnover of $880,000 for FY20-21, up 46% year-over-year, the company said. Founded in 2015 by Joseph John, Nicel KM, Divya T and Shreyas Tonse, Zwayam has witnessed significant traction over the years, expanding its client portfolio that includes Mindtree, Walmart, and Dr. Reddy’s.
Info Edge has been banking heavily on Naukri in recent years, and reinvesting its profits into other businesses like 99Acres, its real estate subsidiary. The parent company was recently in news following the DRHP filing for the IPO of its food e-commerce business, Zomato. The company is hoping to raise $1.1 billion from going public with Zomato.
Grappling with liquidity crisis brought on by the pandemic, Info Edge launched a qualified institutional placement (QIP) offering last August to raise $250 million. The company, however, managed to register 7.5% quarter-on-quarter revenue growth the third quarter of FY20-21, indicating recovery.
Info Edge owns and operates many digital businesses in India and abroad. The company has over 4,500 employees working out of 80 offices in 47 cities across India and the Middle East.