Indiamart Intermesh Limited has entered into an agreement to invest in Simply Vyapar Apps Pvt. Ltd.
Simply Vyapar Apps Pvt. Ltd is engaged in business of providing business accounting software (both mobile app as well as desktop versions) with Billing, GST Invoice, Stock Inventory & Accounting solutions. The software product of the Company "VYAPAR" is one of the largest mobile app based billing and accounting solutions for small and medium businesses with one million downloads.
Since, the Company was incorporated on March 08, 2018, the turnover of the entity for the first Financial Year ended March 31, 2019, is estimated by the management of the entity to be Rs. 14.2 Mn which is subject to audit by the Statutory Auditors of the Entity.
The Company has agreed to acquire a total of 5,954 (Five thousand nine hundred and fifty four) 0.001 % Cumulative Compulsorily Convertible Preference Shares (CCPS) having a face value of Rs 100 each at a premium of Rs. 52,218 (Fifty-two thousand, two hundred and eighteen) each and 10 (Ten) Equity Shares having a face value of Rs 10 each at a premium of Rs. 52,308 (Fifty-two thousand, three hundred and eight). The aggregate shareholding of the Company, post this investment, in the said entity would be 26% on fully converted and diluted basis.
The cost of acquisition is Rs. Rs. 31.2 Crore.