New Delhi (Anish Yande): Info Edge would be acquiring a majority stake in the recruitment management platform Zwayam. The operator of Info Edge would be acquiring a 100 per cent stake in the platform. Info Edge would be acquiring the entire share capital of Zwayam Digital for about Rs 61 crore.
Info Edge to acquire 100 per cent share capital of Zwayam Digital:
The Naukri.com operator would be finalising the all-cash deal of the HR Software-as-a-service (SaaS) startup on or before June 30, 2021.
Ahead of the acquisition, InfoEdge has raised Rs 1,875 crore from investors through a qualified institutional placement. The board of the company had approved raising up to Rs 1,875 crore via a QIP on June 23, 2020. The acquisition of Zwayam Digital is a part of efforts from InfoEdge to conduct strategic acquisitions following the second wave of COVID-19.
Info Edge aims to boost the growth of digital transformation in recruitment management. Zwayam will provide InfoEdge with its resources, experience, and ecosystem to improve its services to serve its existing and upcoming customers better.
Zwayam was founded in 2015 by Nicel KM, Joseph John and Divya T and Shreyas Tonse. The recruitment management startup delivers tools for digitally transforming the recruitment process of many enterprises.
The HR Software-as-a-service (SaaS) startup Zwayam Digital assists clients in streamlining and automating the recruitment process. The startup covers the process from sourcing to onboarding to other recruitment solutions with configurable plug and play modules. Info Edge began operations in 1997. The company based out of Noida is a leading company in India's dot-com business.
Info Edge also operates matrimonial portal, Jeevansathi, education portal Shiksha and real estate services provider 99acres.com. Till the end of 2020, the startup had raised Rs 375 crore from the Singapore-based global investment company Temasek. The company also owns an executive search business, Quadrangle, and Naukri Gulf which is the job portal for the Middle East market.
Hitesh Oberoi, MD and CEO of Info Edge stated that the acquisition of Zwayam would contribute to strengthening Info Edge's position in the market. The recruitment management startup would 'supplement and complement Info Edge’s current recruitment offerings and help it cement its position as a leader in the enterprise recruitment solutions market.' according to the CEO of Info Edge.
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