Naukri.com and Jeevansathi.com’s parent company – Info Edge – said it will acquire 100 percent of the share capital of HR Software-as-a-Service (SaaS) startup Zwayam Digital for approximately Rs. 61 billion.
The bar deal is expected to close on or before June 30, 2021, according to regulatory filings from the consumer internet major.
Following the acquisition, the Bengaluru-based startup will become a wholly-owned subsidiary of Info Edge.
Info Edge said the proposed acquisition will help the company further consolidate its position in the online recruitment solutions segment, in which its flagship brand Naukri.com is the market leader.
Zwayam has driven the digital transformation of the recruiting process for many companies and will continue to do so as part of Info Edge.
Hitesh Oberoi, Co-Promoter, MD and CEO of Info Edge, said in a statement, “This acquisition will complement and complement Info Edge’s current recruiting offerings and help cement its position as the leader in the enterprise recruiting solutions market.” Info Edge was also a major investor in startups like Zomato and PolicyBazaar.
Zwayam Digital was founded in 2015 by Joseph John, Nicel KM, Divya T and Shreyas Tonse other recruiting solutions with configurable plug-and-play modules.
“Info Edge will give us the expertise and resources we needed to better serve our customers,” said Joseph John, CEO of Zwayam.
Zwayam Digital’s annual sales in FY21 were Rs. 6.46 million. It recorded sales of Rs 4.40 billion in FY20 and Rs 2.27 billion in FY19, respectively.