IndiaMart - Business Outlook Remains Strong For FY24: Yes Securities

It expects to add around 8,000 paid suppliers per quarter going ahead.

<div class="paragraphs"><p>A girl browsing the IndiaMart InterMesh website. (Source: BQ Prime)</p></div>
A girl browsing the IndiaMart InterMesh website. (Source: BQ Prime)

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Yes Securities Report

IndiaMart Intermesh Ltd. has dominant market share in B2B online classified business with around 70% market share in paid listings. The overall growth in business is led by higher value proposition for sellers and the efficient matching algorithm resulting in higher buyer satisfaction.

IndiaMart enjoys substantial network effect attracting more buyers and sellers to the platform. The strength of business model is visible in the 13.5% compound annual growth rate growth in paying subscribers over FY18-23 and 23.2% CAGR growth in the number of registered buyers during the period.

The success of business model and its longevity can be inferred from the fact that more than 50% of the registered buyers are repeat buyers.

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Yes Securities Indiamart Ltd Aug 2023.pdf
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