Info Edge (India) Ltd, the operator
of jobs site Naukri.com and real estate portal 99acres.com has agreed to
acquire the company behind jobs portal iimjobs.com. Mumbai-listed Info Edge
said in a stock-exchange filing it will buy Highorbit Careers Pvt. Ltd for Rs
80.82 crore ($11.6 million) in cash.
Info Edge said the proposed
acquisition will help it consolidate its position in the online recruitment
solutions segment where Naukri.com already has a leadership position. Delhi-based
iimjobs.com is focused on middle- to senior-level hiring in fields such as
finance, consulting, business process outsourcing, technology, and sales and
marketing.
Highorbit was started by Tarun
Matta in 2008 as a side project while he was still working with RockeTalk, a
multi-platform mobile app. He left RockeTalk in 2010 to focus on the portal
full time. An IIM Indore alumnus, Matta previously worked with Bell Labs,
Lucent Technologies, CSC, Neilsoft Ltd and ITC Infotech.
The
company had raised an undisclosed amount in angel funding from One97
Communications, India Venture Partners, Shailesh Vikram Singh, Pallav Nadhani,
Abhishek Rungta, Anand Lunia, Sachin Garg and others in March 2012. In November
2016, iimjobs.com secured $2 million (Rs 13 crore then) in its Series
A round of funding led by early-stage investment firm India Quotient. Tracxn
Labs and Calcutta Angels also participated in this round.
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