IndiaMART
Corporate brand
UnclaimedAn Indian B2B digital marketplace that connects business buyers with suppliers and service providers.
Last updated August 25, 2026
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Overview
IndiaMART is the principal consumer-facing brand of IndiaMART InterMESH Ltd, an Indian business-to-business internet marketplace headquartered in Noida. The platform helps companies discover suppliers, compare product and service listings, submit enquiries, and communicate with prospective commercial partners. Its marketplace covers a broad range of industrial, commercial and consumer-facing categories, including building materials, plant and machinery, electrical equipment, packaging, apparel, furniture, housewares and cosmetics. The business was established in 1996 by cousins Dinesh Agarwal and Brijesh Agrawal, at a time when internet usage in India was still very limited. It initially operated as an online business directory and also provided website-development services for small and medium-sized enterprises. The original proposition was to give Indian manufacturers and exporters a digital channel through which they could be found by buyers, including buyers outside India. IndiaMART later shifted its emphasis toward the domestic Indian B2B market. The change was influenced by the appreciation of the Indian rupee during 2005–2007 and the effects of the 2008–2009 global recession, which made an export-heavy model less attractive. The company subsequently raised capital from The Times Group and Intel Capital and expanded its supplier listings, buyer enquiries and marketplace infrastructure. In 2016 it raised a Series C round from Amadeus Capital Partners and Quona Capital and continued developing both IndiaMART and its Tolexo business. It also invested in ProcMart that year. The company became the first online B2B marketplace in India to complete a public offering when IndiaMART InterMESH listed on the National Stock Exchange and Bombay Stock Exchange in July 2019. The IPO raised approximately ₹474 crore. Contemporary industry commentary, including a KPMG estimate cited in reference material, described IndiaMART as the largest Indian B2B marketplace by market share in 2019. IndiaMART's business is primarily a lead-generation and supplier-discovery model rather than a conventional inventory-owning retailer. Suppliers use paid visibility, cataloguing and enquiry-management tools to reach business customers, while buyers use search, category pages and direct enquiries to identify potential vendors. The company's wider technology strategy has included investments in software businesses serving small and medium-sized enterprises. In 2022, it completed the acquisition of Busy Infotech, an accounting and business-management software provider, making Busy a wholly owned subsidiary. IndiaMART also participated in funding rounds for Vyapar and acquired a minority stake in IDfy in 2024. The brand's scale has brought both commercial reach and regulatory scrutiny. IndiaMART has faced allegations that counterfeit products and illegal pharmaceuticals were offered by third-party sellers, and the United States Trade Representative has included the marketplace in its 'notorious markets' reports since 2018. In 2020, IndiaMART filed a copyright-infringement case against Justdial concerning alleged copying of website compilations for JD Mart. These matters concern marketplace content, third-party sellers or competitive conduct rather than a finding that all products on the platform are illicit. IndiaMART remains an active listed Indian internet company focused on B2B discovery, supplier leads and adjacent software services.
History
IndiaMART began in 1996 when cousins Dinesh Agarwal and Brijesh Agrawal launched IndiaMART.com as a business-to-business portal. The founders entered the market when India had only a small number of internet users, and the company's initial purpose was to help Indian manufacturers become visible to prospective buyers. In its early years the business combined online directory functions with website-development work for small and medium-sized enterprises. The first version of the business had a strong export orientation. Indian suppliers could publish information about their products and capabilities, while overseas or domestic buyers could locate them through the web. Conditions changed during the middle of the following decade. The appreciation of the Indian rupee between 2005 and 2007 affected the economics of export-oriented businesses, and the 2008–2009 United States recession weakened international demand. IndiaMART responded by putting greater emphasis on India's domestic B2B market, where the expansion of internet access created a larger opportunity for supplier discovery and commercial enquiries. To support that transition, IndiaMART raised capital from The Times Group and Intel Capital. The company developed a larger searchable catalogue and a business model based on supplier subscriptions, visibility and buyer leads. It also expanded into adjacent activities, including Tolexo, and in 2016 raised Series C funding from Amadeus Capital Partners and Quona Capital. IndiaMART invested in ProcMart during the same year, reflecting an interest in extending its B2B commerce ecosystem beyond a simple directory. The company took steps toward public ownership in 2018, when it filed draft papers with the Securities and Exchange Board of India for a proposed offering of about ₹600 crore. In July 2019, IndiaMART InterMESH completed an IPO raising approximately ₹474 crore and listed on both the National Stock Exchange and Bombay Stock Exchange. The transaction was described as the first public listing by an Indian online B2B marketplace. A KPMG estimate cited in reference material placed IndiaMART at roughly 60% of India's B2B marketplace market in 2019. IndiaMART's platform is structured around discovery and lead generation. It does not generally function like an inventory-owning retailer. Instead, suppliers create catalogues and profiles, buyers search across product and service categories, and the parties communicate through enquiries and related tools. The catalogue has been described as covering tens of millions of products across dozens of industry groups and nearly 100,000 product categories, although such figures are time-sensitive and should not be treated as current without a dated company disclosure. After listing, IndiaMART broadened its technology and investment strategy. In 2019 it led a Series A round in Vyapar, a software provider for small businesses, and in 2022 it invested a further ₹61.55 crore in Vyapar's Series B round. In January 2022, IndiaMART announced the acquisition of Busy Infotech for approximately ₹500 crore; the transaction was completed in April 2022. BUSY provides accounting, inventory and Indian indirect-tax compliance functions, including GST-related capabilities such as e-invoicing and e-way-bill support. In 2024, IndiaMART acquired a 10% interest in IDfy, extending its portfolio into business verification and identity-related services. The company's open marketplace model has also generated scrutiny. Since 2018, the U.S. Trade Representative has listed IndiaMART in notorious-markets reports in connection with allegations that counterfeit products and illegal pharmaceuticals were available through third-party sellers. In November 2020, IndiaMART filed a copyright-infringement lawsuit against Justdial in the Delhi High Court, alleging copying of website compilations for JD Mart. These developments illustrate the compliance and intellectual-property risks faced by large online directories and marketplaces. IndiaMART continues to operate as an active, listed Indian B2B platform with an expanding portfolio of SME-oriented technology businesses.
- 2024
Investment in IDfy
[1]IndiaMART acquires a 10% stake in IDfy.
- 2022
Busy Infotech becomes a wholly owned subsidiary
[1]IndiaMART completes its acquisition of accounting-software company Busy Infotech.
- 2020
Copyright lawsuit against Justdial
[1]IndiaMART files a Delhi High Court case over alleged copying connected with JD Mart.
- 2019
Public listing
[1]IndiaMART InterMESH completes its IPO and lists on the NSE and BSE.
- 2018
IPO draft filing
[1]The company files draft documents with SEBI for a proposed public offering.
- 2016
Series C financing and ecosystem investments
[1]IndiaMART raises Series C capital from Amadeus Capital Partners and Quona Capital and invests in ProcMart.
- 2008
Global recession reinforces domestic focus
[1]The 2008–2009 recession affects export-oriented demand and supports IndiaMART's move toward Indian buyers and suppliers.
- 2005
Domestic-market transition begins
[1]Currency appreciation and changing export conditions contribute to a strategic shift toward India's domestic B2B market.
- 1996
IndiaMART is founded
[1]Dinesh Agarwal and Brijesh Agrawal launch IndiaMART.com as a B2B portal connecting Indian manufacturers with buyers.
Products and positioning
A broad-based Indian B2B marketplace and business-discovery platform serving manufacturers, wholesalers, distributors, service providers and SME buyers.
B2B online marketplace · 1996
IndiaMART marketplace
The core IndiaMART service is a searchable business marketplace where manufacturers, wholesalers, distributors and service providers publish company profiles and product or service listings. Buyers use category searches, supplier pages and enquiry tools to identify potential commercial partners. The model emphasizes discovery, contact and lead generation rather than IndiaMART taking ownership of most listed inventory.
B2B software and marketplace services
Supplier catalogues and lead-generation services
IndiaMART provides suppliers with digital catalogues, marketplace visibility and mechanisms for receiving and managing buyer enquiries. These services support the company's commercial model by helping businesses present their products online and convert marketplace interest into direct business discussions.
Accounting and SME business software
BUSY
BUSY is an accounting and business-management software business acquired by IndiaMART. Its functions include accounting, inventory management and Indian indirect-tax compliance, with GST-related capabilities such as e-invoicing and e-way-bill generation. It serves small and medium-sized businesses and represents IndiaMART's expansion into software adjacent to its marketplace audience.
Controversies
2018
USTR notorious-markets listing
The United States Trade Representative has listed IndiaMART in notorious-markets reports since 2018 amid reports that third-party sellers used the marketplace to offer counterfeit products and illegal pharmaceuticals. The listing reflects allegations and marketplace-enforcement concerns; it does not establish that every seller or listing on the platform was unlawful.
Brand decisions
2022
Acquisition of Busy InfotechM&ABackground
IndiaMART sought to expand beyond marketplace discovery into software used by small and medium-sized businesses.
Action taken
IndiaMART acquired 100% of Busy Infotech; the transaction was completed in April 2022.
Aftermath
BUSY became a wholly owned subsidiary and added accounting, inventory and tax-compliance software to the group's offering.
Acquisition consideration. Approximately ₹500 crore (Announced January 2022; completed April 2022)
2019
Public-market listingOtherBackground
After filing draft IPO documents in 2018, IndiaMART pursued a public listing to raise capital and provide an exchange-traded structure for IndiaMART InterMESH.
Action taken
The company completed an IPO of approximately ₹474 crore and listed on the NSE and BSE in July 2019.
Aftermath
IndiaMART became the first Indian online B2B marketplace to go public.
IPO proceeds. Approximately ₹474 crore raised (July 2019)
2008
Shift from export orientation to the domestic Indian B2B marketStrategyBackground
Rupee appreciation during 2005–2007 and the 2008–2009 global recession made an export-focused approach less attractive and highlighted the opportunity in India's growing domestic internet economy.
Action taken
IndiaMART redirected its commercial emphasis toward connecting Indian buyers and suppliers within the domestic B2B market.
Aftermath
The company expanded its marketplace scale, raised funding and developed a broader supplier-lead-generation model.
Recent events
Reported
IndiaMART agrees to acquire 26.01% stake in Realbooks parent[3]
IndiaMART invested approximately INR 13.75 crore in Adansa Solutions, Realbooks' parent company, and agreed to acquire shares through primary and secondary purchases, resulting in a post-transaction shareholding of 26.01%.
Reported
Fleetx raises $19.4 million in Series B funding[4]
Fleetx raised USD 19.4 million in Series B funding, led by IndiaMart, with existing investors IndiaQuotient and Beenext also participating.
- Unconfirmed
Reported
Vyapar raises $30 million in Series B funding[5]
Vyapar raised $30 million in Series B funding from WestBridge Capital, with existing investors IndiaMart and India Quotient and pre-seed fund Fortytwo.vc also participating.
Reported
IndiaMART invests in Vyapar’s Series B round[6]
IndiaMART said it participated in Simply Vyapar Apps’ ₹217.5 crore Series B investment round, acquiring shares for an aggregate investment of ₹61.55 crore. IndiaMART said it would hold 27% of Vyapar on a fully diluted basis after the round.
Reported
IndiaMART agrees to acquire Busy Infotech[6]
IndiaMART said it had entered into an agreement to acquire 100% of Busy Infotech’s paid-up capital for up to ₹500 crore. The filing said Busy would become IndiaMART’s wholly owned subsidiary after the acquisition.
Reported
IndiaMART acquired a 26% stake in Shipway Technology[7]
IndiaMART acquired a 26% stake in Shipway Technology for up to Rs 18.2 crore, according to a regulatory filing.
Reported
IndiaMART reports first-quarter FY2021 results[8]
IndiaMART announced financial results for the quarter ended June 30, 2020, reporting consolidated revenue from operations of Rs. 153 crore, up 4% year over year, and net profit of Rs. 74 crore.
Sources10 sources
- 1IndiaMARTen.wikipedia.org
- 2IndiaMART official websiteindiamart.com
- 3IndiaMART同意收购Realbooks母公司26.01%股权economictimes.indiatimes.com
- 4Fleetx完成1940万美元B轮融资dailyexcelsior.com
- 5Vyapar完成3000万美元B轮融资inc42.com
- 6IndiaMART参与Vyapar的B轮融资thehindubusinessline.com
- 7印度市场网收购Shipway Technology 26%的股份freepressjournal.in
- 8IndiaMART公布2021财年第一季度业绩equitybulls.com
- 9IndiaMART Acquires 26.01% Stake In Realbooks For INR 13.75 Crinc42.com
- 10IndiaMART InterMESH Limited reports earnings for Q1 FY2022equitybulls.com
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