Hyderabad-based market intelligence player Mordor Intelligence has invested in Global Market Insights (GMI) Group by acquiring a 51 pc equity stake for an undisclosed amount, with plans to acquire an additional 25 pc by March 2024. The combined entity has a stated target of Rs.400 crore in turnover in the next five years.
“Clients today want more in-depth market intelligence, and it requires significant investments in human capital over the long term. 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,” stated Bharadwaj Reddy, Founder and CEO, Mordor Intelligence.
He added, “We’re on a trajectory to expand our workforce to over 2,000 within the next five years from our current combined team of 750 professionals. Going forward, our growth will be dynamic, driven by both organic and inorganic avenues. 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.”
Charanjeet Ailsinghani, Founder, GMI will continue to lead GMI with an expressed commitment to maintain its identity, talent and processes, informed an official statement.
He said, “The synergy with Mordor Intelligence will fuel rapid growth in business, drive innovation, and propel GMI to exceed ₹100 crore in turnover within three years.”
Pune-based market intelligence firm GMI with a US subsidiary and 200 skilled professionals delivers syndicated and custom research reports for strategic decision-making to 3,000 clients globally.
Mordor Intelligence, founded in 2014, has a 550-plus team that claims to have delivered over 10,000 market insight projects to over 6,500 clients, including 60 pc of the Fortune 500.
Upwisery acted as the exclusive buy-side advisor to Mordor Intelligence on this investment.
Abhijit Banerjee, Co-founder, Upwisery, stated, “The market research industry is evolving and we expect a marked shift towards high frequency and quick turnaround studies via the emergence of tools that will enable research delivery as a real-time service. Overall, the fragmented market research industry is getting increasingly cost-conscious, thereby spurring consolidation to drive innovation and achieve sustainable growth”.
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