Info Edge, the promoter company of jobs portal Naukri, matrimonial site Jeevansathi and education site Shiksha, yesterday announced its acquisition of recruitment company Highorbit, which operates iimjobs.com, for Rs 80.82 crore. The acquisition will help InfoEdge consolidate further in the online recruitment space, said the company. iimjobs.com is a 10-year old portal founded by IIM alum Tarun Mahta, and had a turnover of Rs 16.6 crore in FY18-19, AND Rs 13.7 crore and Rs 10.3 crore, in FY17-18 and FY16-17 respectively. Highorbit also operates hirist.com; both portals have 23,000 job postings and 1.8 million job applications every month. The deal will close before June 30th.
InfoEdge reported 22% higher year-on-year revenues of Rs 323 crore for the quarter ended March 31st, 2019 (Q4FY19), and increased net profit to Rs 66.3 from losses of Rs 13.7 crore in the corresponding quarter last year. Here’s a breakdown by segment:
- Naukri.com: Rs 207 crore in revenue, growth of 18% YoY; profits increased to Rs 107.4 crore from Rs 90.8 crore
- 99acres: Rs 54.4 crore in revenue, growth of 46.2% YoY; losses shrank to Rs 4.3 crore from Rs 14.9 crore
- Others; meritnation, jeevansathi, etc: Rs 30.8 crore in revenue, growth of 9.6%; losses down to Rs 6 crore from Rs 11.9 crore
- Billings: Rs 360.9 crore, up 18.6% YoY
- Net sales: Rs 292.7 crore, up 21.6% YoY
- Operating EBITDA: Rs 91.3 crore, up 53.8% YoY