GETIT eyes higher turnover; to expand across India

PTI New Delhi | Updated on October 16, 2011

getit   -  Business Line

Yellow pages and directories provider GETIT Infoservices Pvt Ltd today said it aims to become Rs 500-crore company in terms of revenues by 2015 on the back of expansion across India.

The Noida-based firm, which has also ventured into digital offerings in the local search and classifieds space, is looking to expand beyond its main markets in North and South India.

“Like any other fast growing business, we are also aiming to grow both organically and inorganically...the target is to reach Rs 500 crore turnover mark by 2015,” GETIT Infoservices CEO Mr Sidharth Gupta told PTI.

“To get to that level, we will need to be at least 5-7 times more than what we are right now in terms of revenues,” he said.

He, however, declined to provide neither details on the company’s current financials nor the plans on acquisitions.

Mr Gupta said GETIT is also focusing on increasing its presence across India.

“GETIT has a significant presence in South India and markets like Rajasthan and Haryana in the North. Now, we are expanding operations in other markets too and will invest in setting up sales team and building databases,” he added.

The company had received the first round of private equity funding of Rs 20 crore from Helion Venture Partners in 2009. In 2010, another private equity firm, Astro Group had invested Rs 100 crore in the company.

“Helion Venture Partners and Astro Group together own 50 per cent stake in the company,” he said.

Asked if the firm is looking at further equity dilution or raising money through a public offer Mr Gupta said: “We need to reach to a particular scale before we go in for another round of funding or go public“.

While the company charges advertisers to be on its platforms and generate leads, it does not charge any fee from consumers or buyers.

For GETIT, transactions in categories such as healthcare, travel, education and power products bring maximum revenues.

“Even categories such as white goods and electronic items are growing very fast,” he added.

Sixty per cent of the company’s revenues come from digital domains such as website, telephone and mobile applications.

Published on October 16, 2011

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