Getit gets approval to receive INR 216 crore foreign investment

In order to carry out its specialty publishing business, Noida based GETIT, the provider of local search and free classifieds in India has got an approval from Foreign Investment Promotion Board (FIPB) to receive INR 216 crore foreign investment, as stated by ET.

Previously, in 2009 Getit has raised around INR 20 crores from Helion Ventures followed by an investment of around 100 crore in 2010 by Malaysian investor Astro picking up 50% stake in the company and recently appointed Jaspreet Bindra (ex-microsoft) as its new CEO.

Getit is a local business search portal in India and its other networks include Freeads, the local classified media, Getit Malls, the online mall directory, Tradeget, the online B2B marketplace and Hot Deals, the daily deals information provider. It currently operates in more than 30 cities PAN India and offers services across print, voice, online and mobile platforms. It competes with Justdial, Sulekha and other players  in the space.

With an aspiration to reach INR 500 crore turnover mark by 2015, it would be worth watching how Getit makes itself standout in the current market space and how soon will they be able to infuse fresh funds.