Hyderabad-based market research firm Mordor Intelligence has bought 51% stake in its Pune-based peer Global Market Insights in a move to grow and strengthen its workforce.
Mordor further plans to increase this stake by another 25% by the end of the financial year, it said in a statement. Both the companies are planning to increase their employee headcount to over 2,000 from a current base of 750.
"Clients today want more in-depth market intelligence, and it requires significant investments in human capital over the long term,” said Bharadwaj Reddy, founder and chief executive officer of Mordor Intelligence.
“We believe this new investment underscores our growth vision and the tremendous opportunity ahead. We are now well-positioned to solve the demanding needs of the industry, and to become a front-ranking player with expanded offerings.”
Mordor Intelligence, founded in 2014, is a bootstrapped market intelligence firm, which has a team of 550 employees. The company has a client base of over 6,500 companies, of which 60% are Fortune 500 companies.
Global Market Insights will continue to be led by its founder Charanjeet Ailsinghani, while maintaining its distinct identity, talent, and processes. The firm, with a team of about 200 people, delivers syndicated and custom research reports for strategic decision-making to 3,000 clients globally.
The two companies will serve clients in industries including aerospace and defence, automotive and transportation, technology, media and telecom, energy and power, food and beverage, animal feed, healthcare and medical devices, and chemicals and advanced materials.
“The synergy with Mordor Intelligence will fuel rapid growth in business, drive innovation, and propel Global Market Insights to exceed Rs 100 Crore in turnover within three years, " said Ailsinghani.
However, the two companies, as a combined unit, are targeting to reach Rs 400 crore of turnover in next five years.
This growth will come on the back of both organic and inorganic strategies. “This acquisition, to be the first of many, is just the beginning, in our quest to be the best-in-class go-to-market intelligence company,” Reddy added.
Upwisery acted as the exclusive buy-side advisor to Mordor Intelligence for the deal.