WE HAVE ALWAYS BELIEVED you have to focus on the operation, create value for customers, create value for users, give them reasons to engage with you more, and if you do better than your competitors, you will succeed,” says Hitesh Oberoi, Co-Developer, MD & CEO, Info Edge (India).
Long before startup culture caught on, the company founded by Sanjeev Bikhchandani took the initiative to experiment with the digital world, running and nurturing a number of Internet businesses over the years. In fact, in a space where most companies struggle to monetize, thanks to the huge amount of cash consumed by Internet businesses, Info Edge is one of the few companies in the industry that makes money. Total company revenue soared 468% yoy to Rs 15,399 crore in FY22, while net income rose 48% to Rs 1,589 crore and profit after tax grew 801% to 12 760 crores, making her one of the biggest earners. in the Fortune 500 India 2022 list (rising 288 positions in the year). The profit increase was driven by one-off revenues primarily recorded by market gains on the listing date of Zomato, an investee company. “We have been growing faster than most start-ups. We have gained share in almost all of our verticals. We are sitting at ₹3500 crore. Naukri’s business is generating around Rs 1 billion a year,” says Oberoi.
Much of the company’s growth in FY22 is due to Covid-led digitalization adoption: “Every company wanted to go digital, hire digital and IT talent. That led to an increase in demand for IT professionals. On the job portal Naukri.com, which generates most of the business for Info Edge, IT-related jobs make up about 30% of the listings, while up to 50% of the demand is for IT professionals. “Directly, we get about 28-30% of our revenue from IT companies and 25-26% from recruiting companies, half of which hire for IT companies. So about 50-55% of the revenue is related to what happens in the IT sector. We don’t get a lot of revenue from start-ups,” says Oberoi. Most of Naukri’s revenue comes from business subscriptions: companies pay the online recruitment platform to access the database of job applicants.