IndiaMART Boosts Leadership Team With Key Appointments

IndiaMART Boosts Leadership Team With Key Appointments

SUMMARY

IndiaMART reshuffles its leadership with three key changes - serial entrepreneur Manish Vij joins as independent director, legal head Manoj Bhargava becomes whole-time director, and Vasudha Bagri appointed as new compliance officer

Q3 FY25 saw profit rise 48% to INR 121 Cr and revenue grow 16% to INR 354.3 Cr, alongside improved EBITDA margins and 10% growth in customer collections

Plans announced to increase stake in SaaS startup Mobisy Technologies from 27.21% to 31.33% through INR 14.3 Cr investment

IndiaMART InterMESH Limited has roped in serial entrepreneur Manish Vij as an independent director and also elevated its legal head Manoj Bhargava to a full-time director role. 

The company has also appointed Vasudha Bagri as its new compliance officer.

In a filing, the B2B marketplace announced that Vij joined its board as a non-executive independent director for a three-year term, effective today (January 21).

With over 25 years of experience across internet and digital businesses, Vij founded multiple ventures, including digital media agency Quasar and adtech company SVG Media.

Currently serving as managing partner at Smile Group, Vij has been instrumental in establishing and scaling ventures in digital media, ecommerce and gaming. His portfolio includes exits like the sale of Letsbuy.com to Flipkart and partnerships with global players like WPP.

The company has also elevated its group general counsel and company secretary Bhargava to the position of whole-time director for a five-year term. 

Bhargava, who joined IndiaMART in 2017, has played a crucial role in the company’s key milestones, including its IPO, QIP, bonus issues and acquisitions.

Recently, Aakash Chaudhry has stepped down as independent director, citing personal reasons. The company has appointed Bagri as its new compliance officer effective January 22, 2025. Bagri, a qualified company secretary with 13 years of experience, joined IndiaMART in 2021.

The B2B marketplace saw its Q3 FY25 profit rise 48% to INR 121 Cr from INR 81.9 Cr in the year-ago period, driven by revenue growth and improved EBITDA margins. However, net profit declined 10.4% sequentially from INR 135.1 Cr in Q2.

Revenue from operations grew 16% year-on-year to INR 354.3 Cr, while EBITDA increased 61% to INR 138 Cr. The company’s collections from customers rose 10% to INR 363 Cr during the quarter, primarily comprising standalone collections of INR 341 Cr and Busy Infotech’s collections of INR 17.6 Cr.

They also announced plans to acquire additional stake in Mobisy Technologies for INR 14.3 Cr through purchase of 100 equity shares and 91,804 compulsory convertible preference shares. Post-transaction, IndiaMART’s stake in the SaaS startup will increase to 31.33% from 27.21%.

Shares of IndiaMART closed at INR 2,293.40 on BSE, up 1.10%.

You have reached your limit of free stories
Become A Startup Insider With Inc42 Plus

Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in india's startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
UNLOCK 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
UNLOCK 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

IndiaMART Boosts Leadership Team With Key Appointments-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

IndiaMART Boosts Leadership Team With Key Appointments-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

IndiaMART Boosts Leadership Team With Key Appointments-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

IndiaMART Boosts Leadership Team With Key Appointments-Inc42 Media
IndiaMART Boosts Leadership Team With Key Appointments-Inc42 Media
You’re in Good company