Noida-based online classifieds company Info Edge (India), which owns recruitment portal naukri.com, has entered into an agreement to acquire 100% of the share capital of Zwayam Digital Pvt Ltd for a value of INR 61 Cr.
Founded in 2015, Zwayam is an AI and ML powered recruitment management SaaS platform, which helps enterprises streamline and automate the entire recruitment workflow from sourcing to on-boarding. The Bengaluru based company was founded by Joseph John, Nicel KM, Divya T and Shreyas Tonse. As of March 2021, the SaaS startup had reported a turnover of INR 6.46 Cr, informed Info Edge.
Zwayam is engaged in the business of providing SaaS based sourcing and screening recruitment solutions and providing end-to-end recruitment solutions with configurable plug and play modules. Zwayam has powered the digital transformation of the recruitment process of many enterprises and will continue to do so as a part of Info Edge and will maintain its independent identity, said Info Edge in a statement. Zwayam will leverage the Info Edge experience, ecosystem and resources and invest more in the business to serve both existing and future customers.
“We are very much excited and look forward to the next phase of our journey with Info Edge. Info Edge will provide us with the necessary expertise and resources we need to support our customers better. Together we would be able to serve 100% of our customer needs,” said Joseph John, CEO, Zwayam.
“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”, said Hitesh Oberoi, copromoter, MD and CEO of Info Edge.
Zwayam joins the likes of Info Edge’s digital assets across naukri.com, matrimonial portal jeevansathi.com, real estate portal 99acres.com and educational portal shiksha.com. The company also owns Quadrangle – an offline executive search business, and Naukri Gulf.
Info Edge also has its own venture fund, through which it has invested in about 16 companies including Zomato, Happily Unmarried and ShopKirana among others. Info Edge owns about 17% stake in Zomato, and may turn out to be the biggest shareholders as ANT Group may partially exit the food aggregator business in its upcoming pre-IPO round. It also counts another IPO bound insurance tech startup PolicyBazaar as one of its portfolio companies.