Committed to further financing IB MonotaRO for growth when required: IndiaMART founder
IndiaMART, along with MonotaRO, is committed to further financing IB MonotaRO for growth when required, a top official of B2B e-commerce firm IndiaMART said on Thursday.
IndiaMART has acquired a 26 per cent stake in IB MonotaRO Private Limited (IMPL), which operates the 'Industry Buying' brand, for Rs 104.2 crore.
''Currently, IMPL has Rs 80 crore cash available on its balance sheet, which came from the last round of financing by MonotaRO. We believe that the company is well capitalised for the next couple of years.
''However, IndiaMART and MonotaRO are committed for future rounds of financing for the growth of IB MonotaRO as and when required,'' IndiaMART founder and MD Dinesh Agarwal said.
Pursuant to this transaction, Japan-based MonotaRO will hold a 51.6 per cent stake in IB MonotaRO; while Emtex Engineering, representing the promoter group and early investors, will hold a 22.4 per cent stake in the company.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)