IndiaMART, B2B marketplace of India, has announced an investment of approximately Rs. 45.98 crores in Finlite Technologies Private Limited and acquired 51.09 percent stake in the company.
As part of the transaction, IndiaMART will be investing Rs. 35 crores into the company via primary infusion and purchase shares from the promoters for the remaining amount.
Finlite Technologies under the brand name ‘Livekeeping’, offers value added services to businesses over their existing on-premise accounting softwares, primarily ‘’Tally’’. It provides desktop based digital integration with on-premise accounting software which syncs the data automatically to its mobile based application enabling the user to view their accounting data on mobile. Businesses can access, analyze and share accounting information like sales, receivables, outstanding payments on real time through Livekeeping application. In addition, Livekeeping also offers API`s to connect on premise accounting software, with different e-commerce platforms, ERP`s and software enabling speedily transfer of data, it said in a press statement.
Speaking about the investment, Dinesh Agarwal, Founder & CEO of IndiaMART said "Real time visibility of accounting data like revenue growth, profitability, cash flow management, etc. is a critical yet underserved problem faced by Indian Businesses. Livekeeping has been able to validate an innovative SaaS based solution to this problem. Further, this investment helps complete the IndiaMART ecosystem in the accounting space.
Adding to this, Ritesh Kothari, CEO, Livekeeping said “We are excited to partner with IndiaMART in our mission to automate accounting operations. Investment from IndiaMART will enable us to strengthen the product and technology, reach to the higher number of businesses and keep innovating on behalf of our customers. IndiaMART’s understanding of the SMEs and accounting space will play a big role in making this company a huge success.
Since its listing on BSE and NSE, IndiaMART has invested in companies such as Vyapar, Bizom, Shipway, Legistify, Superprocure, Aerchain, M1xchange, Easyecom, Fleetx, Industry Buying, BUSY, Realbooks and Zimyo. All these investments are part of IndiaMART’s long term objective of offering various software solutions which improve ease of doing business for Indian businesses and Enterprises.
