Getit Gets Foreign Investment Board’s Approval To Raise Rs. 216 Crores

Premier virtual supermarket for information about SMEs & products, Getit has received official approval from the Foreign Investment Promotion Board (FIPB), to raise Rs 216 Crores (US$ 36.4 Million).

Neither the central government body monitoring foreign investments in India, nor Getit has so far revealed who the investor is. However, the company has been significantly being backed by Helion Ventures in the past.

getit

Getit is essentially a digital marketing company. It offers a platform wherein small service providers can list their businesses & products. Thereafter the company ensures the marketing efforts get traction. In fact, as a company & as a platform, the operation had been extending its collaborative efforts, not only with SMEs, but with larger service providers as well.

Quite recently it had consolidated the two majors in the similar line of business; Infomedia Yellow Pages & Askme within one giant enterprise called Getit Infomedia. In reality, the company cleverly managed to gain from the intentions of the respective parent companies.

The funding, when executed should enable to the company to expand its operations. Presently, Getit confidently covers Tier I & II cities. It offers a holistic digital marketing smorgasbord that includes local searches, classifieds, micro communities and deals. It has location-aware apps for all major mobile Operating Systems. However, the most active offering is a 24×7 inbound call center that fields queries from buyers as well as sellers.

Perhaps what sets this company apart, from any other offering, is its synergy with both the internet giants; Google as well as Yahoo. While the tie-up with Google will ensure Google’s Adwords & Getit’s database gel, Yahoo Local will feature companies listed with Getit.

Over two years ago the FIPB had approved a similar deal wherein Malaysian Investor Astro picked up 50% stake for mere Rs. 96 Crores (US$ 17 Million). How much do you think, the new investing company will secure?

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