It’s a Growth Play.
IndiaMart has a huge presence among Indian SMBs. They have built it over 2 decades and it is a real advantage.
They already have a growing and stable subscription business wherein they charge SMBs for generating leads.
They are now getting into SAAS Business. Acquired Busy Accounting and invested in other SAAS players focused on SMB market.
It is very very very difficult to sell Software to Indian SMBs.
Their Distribution channel is a real moat and they actually have a real shot at becoming a platform play.