IndiaMART to invest up to Rs 14.28 Cr in Mobisy Technologies
IndiaMART will purchase 100 equity shares and subscribe to 91,804 Compulsory Convertible Preference Shares (CCPS) of Mobisy Technologies from an existing investor, the company said.
IndiaMART has agreed to purchase 100 equity shares and subscribe to 91,804 Compulsory Convertible Preference Shares (CCPS) of Mobisy Technologies Private Limited from an existing investor, for a total of up to Rs 14.28 crore, the company said in an exchange filing.
Mobisy is also undertaking a fundraising through primary subscription from a new investor. Following this investment, IndiaMART's aggregate shareholding in Mobisy will increase to about 31.33%.
This investment is in line with IndiaMART's long-term objective of offering various SAAS-based solutions for businesses.
Mobisy’s main product, Bizom—a SaaS based end to end retail intelligence platform for brands and retailers—had a turnover of Rs 78.6 crore in FY24.
The 80,000 Compulsorily Convertible Debentures subscribed by IndiaMART are likely to be converted to about 42,697 0.001% CCPS of a face value of Rs. 1/- each to the company, it said in a statement.
Mobisy is engaged in a business of developing web and mobile applications related to sales force and downstream supply chain automation solutions.
Edited by Jyoti Narayan