Startup
IndiaMART to invest up to Rs 14.28 Cr in Mobisy Technologies
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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.
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