IndiaMART
👤 Dinesh Agarwal (Coded India's first railway-reservation system, then built IndiaMART's supplier catalog by hand in 1996 with Rs 40,000.)🌐 sitedineshagarwal.com𝕏LinkedIn
A 1996 export directory survived the dot-com bust, pivoted to B2B, and now charges only sellers to reach 200M+ buyers.
Will it work? · our read
Quietly dominant. It is a discovery layer, not the payment layer, so it earns no cut of the trade; growth depends on renewals and price hikes over a near-flat paying base as AI search advances.
01How the money moves
200M+ buyers browse free
→
Inquiries flow to sellers
→
Sellers prepay yearly subs
02The numbers
$165MStatedFY25 rev · listed (BSE)
2025source:
1,388.4 Cr
the sentence on the page
year ended March 2025 from INR 334 Cr in the previous fiscal year. Its operating revenue grew 16% to INR 1,388.4 Cr from INR 1,196.8 Cr in FY24. The company’s EBITDA rose 58% year-on-year to INR 523…
217K paying of 7M+ suppliers; 200M+ buyers all free; deferred revenue Rs 1,678 cr (prepaid). IndiaMART Q4FY25 results
Rs 1,388 cr FY25 (about $165M), about 40% net margin, 217K paying suppliers.
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IndiaMART FY25/Q4 results (company) revenue, suppliersFY2024-25 Annual Report (filing)Inc42: FY25 PAT Rs 550.7 crTechCrunch: IndiaMART IPO, July 2019Wikipedia: IndiaMART
Revenue is first-party: IndiaMART is listed on BSE/NSE and files audited results. FY25 consolidated revenue from operations was Rs 1,388 cr; I converted at about Rs 84/$ to roughly $165M (conversion mine). Consolidated PAT Rs 550.7 cr, about 40% net margin per company results and Inc42 — note this margin includes sizable treasury/other income on its cash pile, so core operating margin is lower. Paying suppliers about 217K, 7M+ total suppliers, 200M+ registered buyers, deferred revenue Rs 1,678 cr — all company-disclosed. The claim that AI search or WhatsApp could erode the discovery moat is [our read], not company guidance. We never score you.