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Getit Infomedia gets FIPB nod to raise Rs 184 Cr investment

Local information services firm GETIT Infomedia* has received (pdf) an approval from the Foreign Investment Promotion Board (FIPB) to raise Rs 184 crore through Foreign Direct Investment (FDI). The company mentions that it plans to increase the foreign equity stake from existing 96.27% to up to 100%.

GETIT had previously received an FIPB approval to raise Rs 216 crore investment in June last year. GETIT Infomedia’s then CEO Jaspreet Bindra had told TechCircle the investment mentioned in the FIPB approval is from its strategic investor Astro who “has been and will be putting money in GETIT Infomedia in tranches”.

Malaysian media conglomerate Astro had earlier picked up majority stake in GETIT for a reported Rs 100 crore in 2010. GETIT had also raised $4 million from Helion Venture Partners in 2009.

cmn_classifieds

GETIT has services across marketplace, classifieds and media, across web, voice, Mobile Apps, Print and SMS. In July, the company changed its corporate branding to Askme for its consumer facing offerings, and in the process, renamed its e-commerce marketplace getitbazaar to AskmeBazaar. GETIT had previously acquired AskMe and Yellowpages.co.in from Network18 in February last year.

AskmeBazaar was launched in October last year in collaboration with Shopify. Following this, it had tied-up with the online shopping site 99labels to set up a deals section that offers discounts on electronics and fashion accessories in March this year. A month later, it had also signed a partnership to integrate Unbxd’s site search offering across its properties.

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AskMe had also started providing location-specific local searches, deals and classifieds through an official account ‘AskMeSearch’ on Tencent’s mobile messaging app WeChat earlier this year. Jaspreet Bindra had resigned as the CEO of GETIT Infomedia in August this year and was with the company until October this year, as indicated by his LinkedIn profile.

Also read:

– Astro-backed Getit launches local search & classifieds in Malaysia
– Getit Infomedia & To The New launch ScaleIQ, a startup market access platform
– getitBazaar Lets You Order Any Product Over A Call

*Disclosure: GETIT Infomedia is an advertiser with Medianama

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