Info Edge Limited, which owns and handles portals like naukri.com for recruitment, 99acres for real estate along with jeevansathi.com for marriage and shiksha.com for education, has just recently announced that it has completely acquired Software as a Service based recruitment management platform- Zwayam Digital.
Zwayam was bought off by Info Edge at ₹61 Crores. The Bengaluru based start-up was founded by Joseph John, Nicel KM, Divya T, and Shreyas Tonse, in the year 2015.
According to the press release by the company, even after the acquisition, Zwayam will be able to keep its independent identity.
After acquiring Zwayam, Info Edge hopes to make the most of the experience ecosystem and resources that it brings with it.
“Zwayam has built a great recruitment automation product which serves the needs of the enterprise customers well. This acquisition will supplement and complement Info Edge’s current recruitment offerings and help it cement its position as a leader in the enterprise recruitment solutions market,” said Hitesh Oberoi, who is the Co-Promoter, Managing Director, as well as CEO of Info Edge.
The company, a few years back, invested in other tech start-ups such as the food delivery company- Zomato, women’s grooming platform- Happily Unmarried and AR Rahman sponsored data-driven media company Qyuki, among many others.
Further in the press release, Hitesh said- “We go more by the quality and strength of the managing team than anything else. It should ideally be India-specific, but nothing is cast in stone.”
“We are excited and look forward to the next phase of our journey with Info Edge. Info Edge will provide us with the necessary expertise and resources we need to support our customers better. Together, we would be able to serve 100% of our customer needs,” said Joseph John, CEO of Zwayam.
Zwayam also tweeted- “We are super excited for the journey ahead with Info Edge, and looking forward to the continued support from our members, customers and well-wishers! #zwayam #infoedge #SaaS #recruitment”
Info edge, just last year, set up an alternative fund which goes under the name of Info Edge Venture Fund (IEVF). This fund makes investments in tech and tech-enabled entities that can provide with technology that can create, market, and distribute innovative products and services that will benefit the consumers at large.
Till the end of the year 2020, the Info Edge Venture Fund had raised almost around ₹375 crore by the Singapore-based global investment company Temasek, which is backed by the Government of Singapore itself.