homebusiness Newscompanies NewsIndiaMART eyes 20% growth as it hopes to add 9,000 paying subscribers every quarter
IndiaMART eyes 20% growth as it hopes to add 9,000 paying subscribers every quarter
IndiaMART InterMESH's management is confident of clocking revenue growth to the tune of 20 percent for the year ending March 2023, betting big on a rebound in enquiries and customer addition.
IndiaMART InterMESH — an online B2B marketplace — is confident of finishing the financial year with revenue growth to the tune of 20 percent and above, banking on a recovery in enquiries and customer addition. "April, May and June were specifically bad during the (Russia-Ukraine) war and the inflationary problems, but now I think that is behind us to some extent," Dinesh Agarwal, Founder and CEO of IndiaMART InterMESH, told CNBC-TV18.
Remarks from the chief of IndiaMART InterMESH, which operates through web-related services and accounting software services segments, comes at a time when business across sectors are hoping to see a pickup in margins. This comes amid easing input costs after months of elevated levels of raw material prices.
IndiaMART has been gaining market share in the e-commerce space, and is confident of adding 8,000-9,000 suppliers to its paying subscriber base every quarter for the next few quarters, said Agarwal.
"We have been adding about 8,000-9,000 customers per quarter now as against 5,000-6,000 that we used to add pre-COVID. Given the economy has now opened up completely from COVID, I think our sales and service forces are completely on the ground," he said.
The management believes its daily business enquiries, which used to be in the range of 24-25 million earlier, should return to 23-24 million going forward.
It is confident of meeting its revenue guidance of 20 percent for the year ending March 2023 given strong collections from operations on the back of a a low base and a rise in its supplier base. "We will continue to maintain 20-plus percent revenue growth," Agarwal added.
With cash of Rs 2,000 crore on its books, IndiaMART will continue to look for investment and M&A opportunities. "We are trying to properly integrate Busy Infotech into the our systems and operations," he said. IndiaMART completed the acquisition of a 100 percent stake in accounting platform Busy Infotech for Rs 500 crore in the beginning of the April-June period.
IndiaMART shares have lagged the overall market with a return of 5.4 percent in the past three months, a period in which the Nifty50 benchmark has risen 9.1 percent.
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