Yahoo Inc on Thursday announced that it had acquired approximately 30 per cent stake in the Chennai-based Info Network Management Company, a large tele-information service provider.
The strategic investment in INMAC which runs the popular consumer brand, `Call Ezee' also enables Yahoo Inc to have a representation on INMAC's board.
"The funding raised will be used to increase coverage of Call Ezee, make technology improvements as well as build a world class team. We aim to gain market share by reaching out to untapped markets and advertisers in India", said T S Narayanaswamy, Founder and CEO, INMAC.
"The Indian local search market is seeing significant changes as more and more consumers are using mobile phones to search for and find local business. The investment also re-affirms our commitment to the Indian market", said Keith Nilsson, SVP and Head, Emerging Markets, Yahoo Inc. Call Ezee is a telephone directory search service currently covering 14 cities across India, icnluding their mobile or landline number and request the contact details of any business or list of businesses that offer the product or services they are looking for.
According to Keith, the partnership provides Yahoo Inc the opportunity to expand its local reach and complement its current web service through the voice service. The partnership will enable the duo to share data and support each other on mutual basis.