IndiaMART to invest Rs 100 crore in Tolexo by March 2016

NEW DELHI: IndiaMART plans to invest Rs 100 crore in its arm Tolexo for its brand building and business operations by March 2016.

Tolexo is an online store for industrial and office goods and supplies.

"In Tolexo, we have already put in USD 10 million (about Rs 65 crore) and in this financial year, we are committed to putting another Rs 100 crore", IndiaMART Founder and CEO Dinesh Agarwal told PTI.

Agarwal said Tolexo was created to support the sale and purchase of companies listed on IndiaMART with special focus on business goods and accessories.

"We have also spent money on making good leadership team to give a strong push to Tolexo business. Now, we have Prateek Chandra as CFO who was earlier with Fever FM. Harsh Kundra, who worked with Jabong, has also joined us as Chief Technology Officer. These are some of the leading names with us now", Agarwal added.

Out of the Rs 100 crore investment, Tolexo will invest around Rs 25 crore in making digital catalogue of products sold by SMEs, specially those who have less exposure to brand building exercises, he said.

Another Rs 25 crore has been earmarked for salaries and rest Rs 50 crore will be invested in branding, he said.