IndiaMART on Tuesday said its subsidiary Tradezeal Online Private Limited (SuperProcure) had entered into an agreement to invest Rs 3 crore by subscribing to 30,000 or 0.0001 per cent compulsorily convertible debentures in Truckhall Private Limited, the company announced through an exchange filing. This investment shall be in line with the Company’s long term objective of offering various software as a service (SAAS) based solutions for businesses.
The aggregate shareholding of Tradezeal in SuperProcure currently stands at 25.02% on a fully diluted basis. However, post investment shareholding through the subscription of the said CCDs shall depend on the conversion event of the CCDs
Truckhall is under the name ‘SuperProcure’, a SaaS platform that digitizes the entire freight sourcing and dispatch monitoring system of the logistics department of an organization. It allows logistics departments to find the best possible rates through a transparent bidding and auction structure, thus saving costs.
The shares of IndiaMART on Tuesday at 12:57 pm IST were at Rs 5,920.30, down by 1.09 per cent.
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