Info Edge acquires SaaS-based recruitment management platform Zwayam
Info Edge, which runs companies like Naukri.com, 99acres.com, and Jeevansathi,com, announced 100 percent acquisition of SaaS-based recruitment management platform Zwayam Digital’s share capital.
Founded by Joseph John, Nicel KM, Divya T, and Shreyas Tonse in 2015, Bengaluru-based Zwayam leverages artificial intelligence (AI) and machine learning (ML) to streamline and automate recruitment workflow — from sourcing to on-boarding.
Through the acquisition, the company hopes to make the most of the experience, ecosystem and resources that Info Edge will bring to the table. However, Zwayam will maintain an independent identity, according to the release.
Hitesh Oberoi, Co-Promoter, Managing Director, and CEO of Info Edge said,
“Zwayam has built a great recruitment automation product which serves the needs of the enterprise customers well. This acquisition will supplement and complement Info Edge’s current recruitment offerings and help it cement its position as a leader in the enterprise recruitment solutions market.”
Nicel KM, Divya T, Shreyas Tonse, Joseph John — Co-founders of Zwayam
Info Edge has earlier invested in diverse tech startups like foodtech unicorn Zomato, women's grooming platform Happily Unmarried, AR Rahman-backed data-driven media company Qyuki, among others.
In previous interaction with YourStory, Hitesh expressed, "We go more by the quality and strength of the managing team than anything else. It should ideally be India-specific, but nothing is cast in stone.”
Started in in 1997, Noida-based Info Edge is one of the pioneers in the dot-com business.
In January 2020, it set up an "alternative investment fund" named Info Edge Venture Fund (IEVF) to invest in tech and tech-enabled entities that provide technology to create, market, and distribute innovative products and services that benefit consumers at large.
By the end of 2020, it raised Rs 375 crore from Singapore-based global investment company Temasek.
The parent company of Naukri.com also spoke about becoming more data-driven in its approach and capitalising on a bank of 60 million resumes and over 75,000 customers (as of July 2019).