Sanjeev Bikhchandani, the founder and executive vice chairman of Info Edge expects companies in Indian-ecommerce space to grow into valuations set by the likes of Alibaba.
The Indian e-commerce space has a lot of foreign investors sitting up and licking their lips. That's the word from Sanjeev Bikhchandani, the founder and executive vice chairman of Info Edge , which owns companies like Zomato and Naukri.com. In an interview to CNBC-TV18's Shereen Bhan he says that valuations in the Indian e-commerce space are a tad frothy. He expects companies in this space to grow into valuations set by the likes of Alibaba and one could see Indian e-commerce companies getting listing overseas in the next two years.
Below is the verbatim transcript of Sanjeev Bikhchandani's interview with CNBC-TV18's Shereen Bhan.
Q: What is your take on valuations of Indian e-commerce space?
A: Valuations are a little frothy, but having said that there is real business happening, user base is 250 million, sales are happening. So, I think people will go into these valuations. Even if they correct a bit it is alright they will come back as the growth happens. One thing that has happened after Alibaba went public is Flipkart looks reasonable.
Q: What about more Indian internet IPOs not in the Indian markets but overseas listings, do you see that happening now?
A: I don't think the Indian markets will take a loss making company public, but I do believe with the government providing a window for allowing companies from India to list overseas before they list in India. You might see in the next couple of years a few IPOs from India.
Q: You have been in touch with foreign investors as part of your QIP road shows as well. Are they disappointed with the fact that this government has still not made up its mind on what it intends to do as far as FDI into e-commerce is concerned?
A: That is one part of it, but overall investors are very happy but they want to be happier so they want big reforms now coming in in the next three-four months.
Info Edge stock price
On September 24, 2014, Info Edge India closed at Rs 877.10, down Rs 1.35, or 0.15 percent. The 52-week high of the share was Rs 976.00 and the 52-week low was Rs 305.60.
The company's trailing 12-month (TTM) EPS was at Rs 11.58 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 75.74. The latest book value of the company is Rs 64.45 per share. At current value, the price-to-book value of the company is 13.61.
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