According to media reports Friday (March 25), the deal will also see IndiaMART acquire a 51.09% stake in Livekeeping, whose corporate name is Finlite Technologies Private Limited.
“Real time visibility of accounting data like revenue growth, profitability, cash flow management, etc. is a critical yet underserved problem faced by Indian businesses,” said Dinesh Agarwal, CEO of IndiaMART. “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.”
Added Livekeeping CEO Ritesh Kothari: “Investment from IndiaMART will enable us to strengthen [our] product and technology, reach a higher number of businesses and keep innovating on behalf of our customers.”
This is the second such investment from IndiaMART in the last month. In February, the company announced plans to invest $1.8 million in cloud-based accounting software platform Realbooks, a move that gave IndiaMART a 26% stake in the firm.
Learn more: IndiaMART Purchases Stake in Realbooks
Based in Kolkata, India, Realbooks helps business put together customized invoices, attach files to vouchers, and manage their inventory, while also letting them manage multiple business units from one dashboard.
“We at IndiaMART firmly believe that Indian businesses are diverse and have varied accounting and billing needs,” Agarwal said in an announcement.
“Unlike existing desktop-based software solutions which were designed for traditional businesses, the team at Realbooks has consciously designed a cloud-first product that makes it appealing for new-age businesses.”
Since its initial public offering in 2018, IndiaMART has invested in companies that include Aerchain, Bizom, Vyapar, Shipway, Legistify, M1xchange, Easyecom, Fleetx, Industry Buyingn BUST and Superprocure.
“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,” the company said.
