Malaysia based investor, Astro has acquired 50% stake in GETIT Infoservices for around Rs 100 crore.
Getit raised $4mn from Helion Ventures in 2009 (10% equity for Rs. 20 Crores) and surprisingly, even after a year the valuation of the company remained the same (as per this news item, Astro acquired 50% stake for Rs. 100 crores.).
When Helion invested in Getit, the idea was to expand across different access points (web/mobile), though after a year – it’s quite clear that their Internet strategy (if there was one) seems to not go anywhere.
The site traffic isn’t even recorded by Comscore and even for basic queries, they don’t feature in the top page. Maybe the old school thought process inhibited the growth, otherwise how would you explain a company with such a strong FoS (Feet on Street) presence stagnating in valuation?
Highly Recommended Read: Facts & Myths in Indian Local Search Space [Insights from an Insider]
Also see: Not all is well with Yahoo India’s Investment in Callzee
