Naukri parent Info Edge said on Friday it would acquire recruit management platform Zwayam Digital for Rs 61 crore. The acquisition is expected to enable Info Edge to expand its offerings in the online recruitment solutions market.
The all-cash deal is slated to close before June 30, Info Edge said in a regulatory filing. Post the acquisition, Zwayam will continue to operate independently as a subsidiary of Info Edge, it said in a statement.
Founded in 2015 by Joseph John, Nicel KM, Divya T and Shreyas Tonse, Zwayam provides an eponymous software-as-a-service (SaaS) platform for enterprises to automate the recruitment workflow. The platform uses artificial intelligence and machine learning for recruitment management.
“Info Edge will provide us with the necessary expertise and resources we needed to support our customers better. Together we would be able to serve 100% of our customer needs”, Zwayam CEO Joseph John said.
The company's annual turnover for the financial year 2020-21 was reported to be Rs 6.46 crore. Zwayam had previously raised Rs 1.7 crore ($250,000) from a group of angel investors in 2016.
Info Edge is also an investor in cloud-based payroll and human resources automation software provider, Greytip. In 2019, the company acquired white-collar recruitment platform iimjobs.com, owned and operated by Highorbit Careers, which was recently merged into the recruitment solution vertical.
“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,” Info Edge CEO Hitesh Oberoi said.