Info Edge: Info Edge to acquire Axilly Labs for Rs 21 crore

NEW DELHI: (India) on Tuesday said it will acquire Axilly Labs for about Rs 21 crore, a move that will help the Naukri.com parent company further consolidate its position in the online recruitment solutions segment. “… the Board of Directors of the company at its meeting held on July 5, 2021, approved acquisition of 100 per cent of the share capital on a fully diluted basis of Axilly Labs Pvt Ltd for an aggregate cash consideration of about Rs 21 crores,” Info Edge (India) said in a regulatory filing.

The transaction is subject to fulfilment of certain prescribed conditions precedent and other terms and conditions as per share purchase agreements authorised to be signed by the Board for the proposed acquisition, it added.

Bengaluru-based Axilly Labs offers technical assessment services to clients for recruitment and learning purposes. It delivers these services via its technical assessment platform ‘doselect.com’. It was incorporated in November 2015 and logged a turnover of Rs 4.23 crore in 2020-21.

“The proposed acquisition would help the company (Info Edge) to offer a new variety of services under its flagship brand Naukri.com helping the company to further consolidate its position in the online recruitment solutions segment where Naukri.com already enjoys an established leadership position,” the filing said.

The transaction is expected to be completed by July 31, 2021, it added.

Info Edge (India) Ltd runs a number of internet businesses, including Jeevansathi.com, “99acres.com and Shiksha.com. It also owns Quadrangle – an offline executive search business, and Naukri Gulf.

Apart from this, Info Edge has made significant strategic investments in companies like Zomato, Policybazaar and Happily Unmarried.

On Sunday, Info Edge – in a filing – had said it will sell stake worth Rs 375 crore in the initial public offering (IPO) of its investee company, Zomato. Previously, Info Edge had stated it would sell shares worth Rs 750 crore in the said IPO.