Yahoo invests in INMAC
US based internet media giant Yahoo has acquired a 30 per cent stake in Chennai based tele-information service provider Info Network Management Company.
The value of the deal has not been revealed to the media.
The two companies said that Yahoo would now get a representation in INMAC’s board.
INMAC is most popularly known for their Call Ezee telephone directory search service.
It is available in 14 cites in India including the major cities like Mumbai, Delhi, Chennai, Bangalore, Hyderabad and Kolkata.
Keith Nilsson, senior vice president and head, emerging markets, Yahoo! Spoke about this deal: “We are happy to be a strategic investor in INMAC as the Call Ezee business seeks to establish itself as a national player in the voice-based local search space. The Indian local search market is seeing significant changes, as more and more consumers are using mobile phones to search for and find local businesses.”
T S Narayanaswamy, Founder and CEO, INMAC added: “We believe the funds provided by Yahoo! will help us scale our business. The funding will be used to increase coverage of Call Ezee, make technology improvements as well as build a world-class team.”
Bangalore, Chennai, Delhi, Hyderabad, Info Network Management Company, INMAC, Investments, Keith Nilsson, Kolkata, Mumbai, Yahoo
Manuj Kumar
Category: News
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