According to Info Edge’s disclosure, the board of directors have approved 100% acquisition of Axilly Labs Private Limited, the parent of DoSelect, on a fully diluted basis for about $2.8 million. The acquisition is expected to be completed by July 31, 2021. After, DoSelect will become a wholly-owned subsidiary of Info Edge.
Headquartered in Bengaluru, DoSelect is an end-to-end recruitment intelligence site engaged in the business of providing technical assessment services to its clients for hiring. The acquisition will help Info Edge offer a new variety of services under Naukri.com, as per the disclosure.
DoSelect is the company’s second acquisition in a month, the first being Zwayam, an AI and ML-powered recruitment management software platform. Both acquisitions are part of Info Edge’s strategy to further consolidate Naukri.com’s position in India’s recruitment ecosystem. Naukri.com has been the parent company’s most profitable business in recent years.
DoSelect has shown steady revenue growth in the past three years. The turnover in FY18-19, FY19-20 and FY20-21 has been $236,000, $470,000, and $567,000, respectively. Existing investors include Aarin Inspired Capital, Mumbai Angels and Singapore-based SGAN.
Info Edge recently got the nod from SEBI to proceed with the IPO of its food business, Zomato. However, as opposed to its initial plan of selling its $100 million stake in Zomato, Info Edge has now cut its offer for sale by half. Recovery in revenue growth in Q4, FY20-21 could have played a part in this decision.
Info Edge owns and operates 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.