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Info Edge to acquire Axilly Labs for Rs 21 crore - Business2Business

New Delhi: Info Edge (India) said on Tuesday that it will acquire Axilly Labs for about Rs 21 crore, a move that will help Naukri.com parent company further consolidate its position in the online recruitment solutions segment. "... The Board of Directors of the company at its meeting held on July 5, 2021, approved the acquisition of 100 percent of the capital stock on a fully diluted basis of Axilly Labs Pvt Ltd for an aggregate cash consideration of about Rs 21 crores," Info Edge (India) said in a regulatory filing.

It added that the transaction is subject to fulfilment of certain prescribed conditions precedent and conditions in accordance with the share purchase contracts authorized to be signed by the Board for the proposed acquisition, it added.

Axilly Labs, based in Bengaluru, offers technical assessment services to clients for recruitment and learning purposes. It delivers these services through its technical assessment platform "doselect.com". It was established in November 2015 and logged a turnover of Rs 4.23 crore in 2020-21.

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“The proposed acquisition will help the company (Info Edge) offer a new range of services under its flagship brand, Naukri.com, helping the company consolidate its position in the online recruitment solutions segment where Naukri.com already has well-established leadership position,” the filing said.

The transaction is expected to be completed by July 31, 2021, it added.

Info Edge (India) Ltd operates a number of internet businesses, including Jeevansathi.com, '99acres.com, and Shiksha.com. It also owns Quadrangle, an offline executive search business, and Naukri Gulf.

Apart from this, Info Edge has made significant strategic investments in companies such as Zomato, Policybazaar, and Happily Unmarried.

On Sunday, Info Edge said, in a filing, that it will sell a stake worth Rs 375 crore in an initial public offering (IPO) to its investee company, Zomato. Previously, Info Edge had stated that it would sell shares worth Rs 750 crore in the said IPO.

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