India’s Info Edge, owner of recruitment portal Naukri.com, recently stated that it intends to raise up to Rs 750 crores through a qualified institutional placement (QIP) in order to invest in the organic as well as inorganic growth opportunities in existing business(es), in particular in its real estate portal, 99acres.com.
This is an impressive step, as this is the first capital raise for the company, since its original public offer back in 2006. Info Edge’s property portal, 99acres.com, is aiming at market dominance in India’s real estate classifieds market, going up against giant Magicbricks.com.
Speaking with The Economic Times, Sudhir Pai, business head of Magicbricks, said: "Eventually the real estate space will be the biggest among online classifieds, overtaking jobs and matrimonials which are leading the space as of today. Everyone wants a share of the action."
The above article was sourced from The Economic Times, please click here to read it in its entirety.