The board of Info Edge (India) on 5 July 2021, approved acquisition of 100% of the share capital on a fully diluted basis of Axilly Labs ("DoSelect") for an aggregate cash consideration of about Rs 21 crore.
Bangalore-based DoSelect is engaged in the business of providing technical assessment services to its clients for recruitment and learning purposes. It delivers these services via its technical assessment platform 'doselect.com'.The proposed acquisition would help the company to offer a new variety of services under its flagship brand Naukri.com helping the company to further consolidate its position in the online recruitment solutions segment where Naukri.com already enjoys an established leadership position.
The company expects to complete the transaction on or before 31 July 2021.
Info Edge (India) is among the leading internet companies in India. The company runs leading internet businesses viz. Naukri.com, Jeevansathi.com, 99acres.com and Shiksha.com. The company also owns Quadrangle and Naukri Gulf. It has made significant strategic investments such as zomato.com, policybazaar.com and happily unmarried.com etc.
The company reported 60.2% rise in standalone net profit to Rs 66.68 crore on 10.2% fall in net sales to Rs 290.04 crore in Q4 FY21 over Q4 FY20.
The scrip shed 0.58% to currently trade at Rs 5435.15 on the BSE.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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