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Yahoo Sells Its Stake In Consim Info; FY10 Financials

Yahoo has exited Consim Info, the company that owns online classifieds portals like BharatMatrimony.com, Indiaproperty.com, to Bessemer Venture Partners, Mayfield Fund and Canaan Partners, reports The Economic Times.

According to a filing with the registrar of companies, 87832 Series A Preferred Shares (Converted Redeemable Preference Shares) held by Yahoo Netherlands BV were replaced by New Equity Shares through a resolution passed 28th September 2011. The shares were held with Yahoo! Netherlands BV, and have been sold to Bessemer India Capital Holdings II Ltd, Canaan VII Mauritius and Mayfield XII Mauritius, via a stock purchase agreement dated September 12, 2011. Rob Chandra from Bessemer Venture Partners has joined the board of Consim Info, while David Gowdey has resigned. Media reports claim that the company received a valuation of $190 million in this deal, but we have no means of confirming that.

In FY10 (the financial year 2009-10), Consim Info Private Limited reported revenue of Rs 74.54 crore, and EBITDA profit of Rs 6.11 crore, and a net loss for the year of Rs 22 lakh, taking into account prior period expenses, without which, it would have been a Rs 2.95 crore profit. In comparison, they reported revenue of Rs 68.13 crore in FY09, an EBITDA loss of Rs 23.64 crore and a loss for the year of Rs 27.24 crore. Information on its performance in FY11 is not available.

Yahoo and Canaan Partners had invested $8.6 million in Consim Info in 2006, and $11.75 million in a round led by Mayfield Fund, which also had participation from Canaan Partners and Yahoo.

This is Bessemer’s second major investment in the internet space this year. Previously it hadinvested in Snapdeal along with Nexus Venture Partners and Indo-US Venture Partners.

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Apart from BharatMatrimony, Consim Info runs various other matrimony portals like PrivilageMatrimony, Commnity Matrimony, EliteMatrimony and MatrimonyMatters. It also has a dedicated internet channel named tv.bharatmatrimony.com which offers video clips of celebrity weddings, polls and interviews among others. Besides, Consim also operates classified portals such as IndiaProperties, IndiaList, ClickJobs and IndiaAutomobile. It launched SoulMate Search, a feature that enables its members to find their partners based on mutual likes, hobbies and interests, and going beyond the stereotypical search parameters.

Written By

Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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