IndiaMART makes Rs170.1 million investment in SMB focused HR SAAS Platform Zimyo; stock down 2%

4 Mar 2022 , 10:50 AM

IndiaMART InterMESH Limited, the largest B2B marketplace of India has made an investment of ~Rs170.1 million in Zimyo Consulting Private Limited.

Zimyo Consulting under the brand name ‘Zimyo’, offers SaaS-based human resource management software for businesses. It allows users to carry out critical HR processes including recruitment and onboarding, payroll management, performance management, and time & attendance management. It also includes employee benefits modules which offers salary advance, personal loan and health & term insurance to employees.

At around 10.52 am, Indiamart Intermesh Ltd was trading at Rs4,450.45 per piece down by Rs107.7 or 2.36% from its previous closing of Rs4,558.15 per piece on the BSE.

Dinesh Agarwal, founder, and CEO of IndiaMART said “COVID-19 has accelerated the adoption of SaaS based HR Management solutions by new age as well as traditional businesses. Apart from their core Payroll and attendance management modules, we also feel that there is immense potential in Zimyo’s vision of providing comprehensive HR management modules and other benefits to employees as well as employers.

This investment is another step towards IndiaMART’s long term vision of providing a holistic ecosystem for all business needs, and we are excited to partner with the Zimyo team for their next phase of growth”

Adding to this, “India is home to one of the world’s youngest populations, which by 2050 is expected to account for over 18% of the global working population. Millions of employees of the small and mid size businesses, which form over 45% of this working population is forced to choose between paper, or HR solutions that aren’t designed for them. Zimyo wishes to bridge the gap. We want to be the go-to HR Platform that both the SMB and the employee chooses for meeting its HR and benefits’ needs”, said Kumar Mayank, CEO of Zimyo.

The company said in a filing on Thursday that since its listing on BSE and NSE, IndiaMART has invested in companies such as Vyapar, Bizom, Shipway, Legistify, Superprocure, Aerchain, M1xchange, Easyecom, Fleetx, Industry Buying, Realbooks and BUSY. All these investments are part of IndiaMART’s long term objective of offering various software solutions which improve ease of doing business for Indian businesses and Enterprises.