New Delhi: Info Edge India, which owns leading job portals like naukri.com and jeevansathi.com has said it will look at potential acquisition opportunities if valuations correct further and may also invest in start-ups related to its business model.
“There are not many acquisition targets currently in India, but we may look at the potential opportunities in the internet space that are aligned to our business model if valuations correct,” Info Edge Co-founder and CEO Sanjeev Bikhchandani told PTI.
Bikhchandani, however, clarified there was no chance the company would get acquired.
“We had been approached as potential takeover target prior to going public. But, we have always made it clear that the company is not for sale, and moreover there have been no approaches ever since the company’s listing,” he said.
When asked whether the signs of a slowdown in the economy and industry could present the company with acquisition opportunities, Bhikchandani said that the company would look at it if the downturn continued further.
When asked whether it would look at expanding overseas through organic or inorganic routes, he said the company would rather focus on India alone as there were enough growth opportunities in the country itself.
“But if something interesting comes up, we would take a call at that point of time,” he said.
Bikhchandani added that Info Edge is mostly into the “hand-shake enabling business” and would continue to stay with this business model.
The company has more than Rs300 crore cash in hand which is boosting up its morale to look at start ups to invest.
“Acquisition is not in our mind right now, but if at all, we may look at acquisition in the Internet platform,” he added.
Bikhchandani started Info Edge in 1990 and naukri.com was launched in March 1997. The company went public with a Rs170 crore IPO in November 2006, which was oversubscribed 55 times.
“While naukri.com has witnessed a growth rate of about 56%, other business activities (non-naukri) has been growing at a higher pace at about 70 to 80%,” he pointed out.
At present Naukri.com has a market share of nearly 50% followed by Monster.com and Timesjobs.com which account for about 35% and 15%, respectively, he said.
Info Edge plans to invest about $5-10 million in its education portal Shiksha.com. The site launched in June has over 85,000 listings on institutes, courses, events, admissions, results and scholarships.
For the fiscal year 2008, Info Edge posted a net profit of Rs55.48 crore on revenues of Rs239.66 crore.