Info Edge (India) Limited has agreed to acquire 100% ownership of Highorbit Careers Pvt. Ltd (herein after “iimjobs”) for a cash consideration of Rs. 80.82 Cr. Highorbit Careers Pvt. Ltd. is the owner of online job portals iimjobs.com and hirist.com.
iimjobs was founded in 2010 by Tarun Matta, an IIT-IIM alum, to address the job needs of jobseekers graduating from premier institutes. Over the years, iimjobs has built a strong brand among such jobseekers and recruiters looking to hire them. With 23,000 job postings and 1.8 million job applications every month, iimjobs.com and hirist.com are leading recruitment platforms for premium jobseekers in India.
The combination of iimjobs’ brand proposition and Info Edge’s distribution network, will enable Info Edge to better serve its recruiter clients and job seekers by tailoring its services to meet their requirements.
Commenting on the acquisition Hitesh Oberoi, Co-Promoter, MD and CEO, Info Edge said, “iimjobs has managed to carve a niche for itself and has built a great brand in the premium job seeker community. Its value proposition strongly complements Naukri’s proposition to its customers. Given our massive customer base in Naukri, together with Tarun, we are confident of taking this business to the next level over the next few years”.
Chintan Thakkar, CFO, Info Edge added, “This multi-brand approach strengthens our offering in the job market, and expands our value chain.”
Tarun Matta, Founder of IIMJobs said, “We are super excited about this partnership. Joining forces with Info Edge gives us an opportunity to leverage their resources and accelerate our journey in a way that we would not be able to do ourselves or with any other partner. This partnership gives us the resources to build better products, serve our customers better, and take our products to more customers”.