Info Edge, which runs the popular recruitment site Naukri.com has acquired the business of Toostep Consultancy Pvt Ltd, on a slump sale basis. Toostep had developed a software as a service (SaaS) platform that enables recruiters to promote jobs on social networking sites and search engines as well as manage the responses received.
The exact monetary details of the acquisition were not disclosed. Following the acquisition, the Toostep team has joined Info Edge. As per BSE filing, Info Edge plans to integrate features of Toostep’s products into Naukri, and will support Toostep to scale up sales through accessing Naukri’s vast client base. In 2008, Toostep had raised funding from Accel India.
Essentially, ‘slump sale’ means the transfer of asset as a result of the sale for a lump sum (single payment) consideration without values being assigned to the individual assets and liabilities in the sale.
What happens to Brijj?
InfoEdge’s attempt to build a professional network never really took off. Brijj never gained any mainstream attention, though one would like to believe that TooStep acquisition will help Naukri beat the ever growing market cap of LinkedIn India.
Lately, Info Edge has been aggressive on investment front, in September it had invested 12.86 crore in online food guide and lifestyle guide, Zomato. With its last round of investment, Info Edge shareholding had risen to 48.5 per cent in Zomato. In the same month, Info Edge had invested Rs 5 crores in invitation based lifestyle website 99labels.
In 2012, Info Edge’s biggest investment went into Bagalore based Canvera Digital Technologies (35 crore), which provides solutions to professional photographers.