Social Media A Competition, But Doesn't Impact Biz Yet: Hitesh Oberoi
It is only logical to expect that social networking giants like LinkedIn and Facebook are giving a tough time to Info Edge India, a home-grown Internet company that houses sites like Naukri.com (India's largest job site), among others. However, Hitesh Oberoi, MD & CEO of Info Edge likes to refute any such assumption and asserts that there is no impact on business or revenues due to such factors, at least not yet. Oberoi, much credited with the success of the company, feels that LinkedIn and similar sites are still new in India and that Naukri is far ahead in its base, brand recall or reach in the domestic markets. For him, these sites are essentially a broader platform that would help leverage the Naukri brand further, as well as his other Internet properties. For Info edge, Naukri is an established property contributing significantly to its revenues.
Oberoi now thinks that the second phase of growth for the company will come from various other Internet properties which are in the developing stage and might not be the "category leaders" yet. For the cash-rich company sitting on more than Rs 50 crore of PAT in the bank for the last quarter, it is a "strategic step" towards investing in other Internet start-ups. For instance, the company has made over 4 investments in the past 8 months in ventures like Mydala.com (a group buying site) and Meritnation.com (portal offering learning solutions), among others. These investments will lead the third phase of growth for the company, says Oberoi, head of the country's largest consumer Internet company. He also shares some entrepreneurial lessons, learnt during his journey of building Naukri, and says that "it's always good to keep a note of how much money you have in the bank." Watch the interview to know more.