IndiaMART reshuffles its leadership with three key changes – serial entrepreneur Manish Vij joins as independent director, legal head Manoj Bhargava becomes whole-time director, and Vasudha Bagri appointed as new compliance officer
Q3 FY25 saw profit rise 48% to INR 121 Cr and revenue grow 16% to INR 354.3 Cr, alongside improved EBITDA margins and 10% growth in customer collections
Plans announced to increase stake in SaaS startup Mobisy Technologies from 27.21% to 31.33% through INR 14.3 Cr investment
IndiaMART InterMESH Limited has roped in serial entrepreneur Manish Vij as an independent director and also elevated its legal head Manoj Bhargava to a full-time director role.
The company has also appointed Vasudha Bagri as its new compliance officer.
In a filing, the B2B marketplace announced that Vij joined its board as a non-executive independent director for a three-year term, effective today (January 21).
With over 25 years of experience across internet and digital businesses, Vij founded multiple ventures, including digital media agency Quasar and adtech company SVG Media.
Currently serving as managing partner at Smile Group, Vij has been instrumental in establishing and scaling ventures in digital media, ecommerce and gaming. His portfolio includes exits like the sale of Letsbuy.com to Flipkart and partnerships with global players like WPP.
The company has also elevated its group general counsel and company secretary Bhargava to the position of whole-time director for a five-year term.
Bhargava, who joined IndiaMART in 2017, has played a crucial role in the company’s key milestones, including its IPO, QIP, bonus issues and acquisitions.
Recently, Aakash Chaudhry has stepped down as independent director, citing personal reasons. The company has appointed Bagri as its new compliance officer effective January 22, 2025. Bagri, a qualified company secretary with 13 years of experience, joined IndiaMART in 2021.
The B2B marketplace saw its Q3 FY25 profit rise 48% to INR 121 Cr from INR 81.9 Cr in the year-ago period, driven by revenue growth and improved EBITDA margins. However, net profit declined 10.4% sequentially from INR 135.1 Cr in Q2.
Revenue from operations grew 16% year-on-year to INR 354.3 Cr, while EBITDA increased 61% to INR 138 Cr. The company’s collections from customers rose 10% to INR 363 Cr during the quarter, primarily comprising standalone collections of INR 341 Cr and Busy Infotech’s collections of INR 17.6 Cr.
They also announced plans to acquire additional stake in Mobisy Technologies for INR 14.3 Cr through purchase of 100 equity shares and 91,804 compulsory convertible preference shares. Post-transaction, IndiaMART’s stake in the SaaS startup will increase to 31.33% from 27.21%.
Shares of IndiaMART closed at INR 2,293.40 on BSE, up 1.10%.
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