Info Edge (India) Ltd, the promoter of operator of jobs site naukri.com, has agreed to acquire Highorbit Careers Pvt. Ltd, the company behind premium jobs portal iimjobs.com, for nearly Rs 81 crore. “Info Edge (India) Limited has entered into an agreement to acquire 100% ownership of Highorbit Careers Pvt. Ltd (hereinafter “iimjobs") for a cash consideration of Rs. 80.82 crore,” Info Edge said in a BSE filing.
“The company has agreed to acquire 100% share capital on a fully diluted basis. Post the completion of the acquisition, iimjobs will become wholly-owned subsidiary of the company,” it added.
Notably, apart from iimjobs.com, Highorbit Careers is also the owner of hirist.com. The deal between the two companies is likely to be closed by 30 June.
Mumbai-based Info Edge said the proposed acquisition will help it consolidate its position in the online recruitment solutions segment where Naukri.com already has a leadership position.
“iimjobs has managed to carve a niche for itself and has built a great brand in the premium jobseeker community. Its value proposition strongly complements Naukri’s proposition to its customers. Given our massive customer base in Naukri, together we are confident of taking this business to the next level,” said Hitesh Oberoi, co-promoter, and managing director of Info Edge.
As the name suggests, Delhi-based iimjobs.com currently caters to the needs of people who have graduated from premier institutes. It focuses on middle- to senior-level hiring in fields such as finance, consulting, business process outsourcing, technology and sales and marketing. With 23,000 job postings and 1.8 million job applications every month, iimjobs.com and hirist.com are leading recruitment platforms for premium jobseekers in India. For the year through March 2019, iimjobs.com posted revenue of Rs 16.6 crore, according to Info Edge’s filing.
Meanwhile, Info Edge owns properties like naukri.com, naukrigulf.com, firstnaukri.com and ambitionbox. Its platform has more than 60 million registered jobseekers and offers products such as resume database access, job postings and response management tool to over 76,000 corporate clients.