Mordor Intelligence, a Hyderabad-based market intelligence firm, has acquired a 51 per cent equity stake in Global Market Insights (GMI) Group for an undisclosed amount, with plans to acquire an additional 25 per cent by March 2024.
The combined entity has targeted turnover of ₹400 crore in the next five years, as against their current annualised revenue of Rs 100 crore.
“Clients today want more in-depth market intelligence, and it requires significant investments in human capital over the long-term. We are now well-positioned to solve the needs of the industry to become a front-ranking player in this space,” Bharadwaj Reddy, Founder and CEO of Mordor Intelligence, said in a statement.
“We’re planning to expand our workforce to over 2,000 within the next five years, from our current combined team of 750 professionals,” he said.
Charanjeet Ailsinghani, the founder of GMI, who will continue to lead the company , 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.”
The Pune-based market intelligence firm GMI, which has a subsidiary in the US, has about 200 employees. It delivers syndicated and custom research reports for strategic decision-making to 3,000 clients globally. Mordor Intelligence has about 5,550 employees.
