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From Rs 40000 to Rs 5000 Crore: Story of Man Behind India’s Oldest E-Commerce Platform

  • Aditya 
  • 2 min read
From Rs 40000 to Rs 5000 Crore: Story of Man Behind India’s Oldest E-Commerce Platform

Dinesh Agarwal’s journey to success is a testament to the power of perseverance and determination. Born in a business family in Uttar Pradesh, Agarwal’s entrepreneurial spirit was ignited during his stint as a net consultant at HCL Technologies in early 1990s. Here he recognized the untapped potential of internet for SMEs in India.

In 1995, Agarwal left his job in the United States and returned to India. He founded a company named InterMesh that created websites for Delhi-based businesses with a meager seed capital of ₹40,000. This laid the foundation for his most significant venture: IndiaMart.

IndiaMart was started as a directory for websites created by InterMesh. But Agarwal’s quickly thought of converting it into an online marketplace connecting Indian suppliers with domestic and international buyers.

Agarwal remained true to his pursuit despite facing numerous challenges. These included the e-commerce bubble burst in 2000 and aftermath of the 9/11 attacks in 2001 which caused a 40% dip in revenues.

IndiaMart emerged as India’s largest online B2B marketplace, connecting over 7.9 million suppliers with 143 million buyers. It has around 108 million listed products and services.

With time Agarwal’s introduced some innovative features such as price discovery, payment protection programs, lead management systems, and supplier reviews and ratings to stay on top of the game.

In 2019 IndiaMart achieved a significant milestone with a successful Initial Public Offering (IPO) which was oversubscribed by 36 times and raised ₹475 crore. IndiaMART’s market capitalization crossed ₹20,000 crore soon after its IPO listing.

The company’s revenue grew at a CAGR of 29% from FY19 to FY23. It reached ₹985 crore (around $120 million) in FY23.

According to Trendlyne, as of March 31, 2024, Dinesh Agarwal publicly holds stakes in 9 companies with a combined net worth of over Rs 4,942.5 crore.

Also Read: How to Make Rs.1 Lakh Per Month Selling Used Furniture Online

Dinesh Agarwal’s success story serves as an inspiration to aspiring entrepreneurs worldwide. It showcases the power of adaptability and a relentless pursuit of one’s vision, even in the face of adversity.

Aditya Farrad

Aditya Farrad

Aditya is a seasoned business expert and the founder of Moneymint. He became a self-made millionaire at a young age thanks to his various online businesses. With years of experience running his own successful businesses, Aditya understands the unique challenges and opportunities that come with entrepreneurship.

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