Info Edge to Buy DoSelect for 21 cr

The board of Info Edge (India) has approved the acquisition of 100 percent of the share capital on a fully diluted basis of Axilly Labs ("DoSelect"). The deal is estimated to be for an aggregate cash of about 21 crore.

Bangalore-based DoSelect is involved in the business of providing technical assessment services to its clients for recruitment as well as learning purposes. It offers these services using its technical assessment platform 'doselect.com'.

The proposed acquisition would help the company to offer a new variety of services under its flagship brand Naukri.com helping the company to further consolidate its position in the online recruitment solutions segment where Naukri.com already enjoys an established leadership position.

The company expects to complete the transaction on or before 31 July 2021.

Info Edge (India) stands one among the leading internet companies in India. The company runs leading internet businesses such as Naukri.com, Jeevansathi.com, 99acres.com and Shiksha.com. The company also owns Quadrangle and Naukri Gulf. It has made significant strategic investments such as zomato.com, policybazaar.com and happily unmarried.com etc.

The company reported 60.2 percent rise in standalone net profit to Rs 66.68 crore on 10.2 percent fall in net sales to Rs 290.04 crore in Q4 FY21 over Q4 FY20.

The scrip shed 0.58 percent to currently trade at Rs 5435.15 on the BSE.