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In a continually difficult economic climate, Info Edge Ltd’s online job board Naukri.com is bracing itself for stiffer competition from social networking site LinkedIn, according to Cogencis.
Ambarish Raghuvanshi, chief financial officer of Info Edge Ltd, commented: “We see a threat [from LinkedIn] but we don’t see it affected our business today. It might affect our business 12-18 months from now if we do not do anything and they continue to do a super job. Part of the investment in Naukri is to counter the threat from LinkedIn.”
Full details of the investment in Naukri were not revealed. In the current financial year ending March 2014, Raghuvanshi expects job listing in Naukri.com to see a modest growth of +5-10%, as the economic climate remains stressed. The job portal reported a +4.3% increase in the number of recruitment companies using the site, reaching an estimated 48,000 in 2012-13.
Info Edge believes that +10-15% growth in recruitment is possible in the current financial year if the country is able to achieve a greater than +5% growth in GDP, which has been predicted by economists. With economic growth and business confidence levels low, recruitment across all sectors has been dampened.
“There is a deceleration and also to some extent our business is indexed not just to economic but also indexed to business confidence levels,” Raghuvanshi added. Despite the difficult climate, Raguvanshi is confident that the current climate is not as bad the when the economy faced a slowdown following the global financial crisis.