IndiaMart - Amplifies Ease Of Doing Business For Manufacturing MSMEs: Dolat Capital Initiates Coverage

Dolat Capital Report

IndiaMart InterMesh Ltd. is India’s largest and most comprehensive online business-to-business classifieds and lead‐generation provider, poised to mature into becoming a micro, small and medium enterprise business enabler.

It provides an array of digital services empowers a firm’s sales, accounting, and organisation functioning. IndiaMart’s B2B match‐ making engine is not only delivers relevant search results, but also successfully demonstrates end‐to‐end chain discovery, improving network density.

Platform has enticed a large  165 million plus buyer as well as 7.4 million plus supplier base,  culminating into a growing paying subscriber pool (194,000) that remain engaged, and upgrades gradually to higher packages (average revenue per user at ~Rs 50,000).

A cost effective approach to bettering geographic penetration and customer acquisition has been developed via channel partner model, aiding broad supplier growth.

We also believe that subscription plans are quite reasonable, and holds large untapped pricing potential. Addition of accounting vertical via Busy acquisition and other minority investments enlarges the total addressable market furthermore.  

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