Leading search engine and news portal, Yahoo Inc has acquired 30 percent stake in Chennai-based Info Network Management Company for an undisclosed amount. The new partnership will allow Yahoo to join five-member Info Network board with one representative director. The Chennai-based company offers phone directory search service, Call Ezee.

 

While interacting with the media, Info Network founder and chief executive T.S. Narayanaswamy stated that the strategic poartnership with Yahoo will help his company to expand its operations and reach across the country to 26 more cities by 2010. At present, the company offers its services in 14 cities. Under the strategic agreement, Info Network will also be provided with domain expertise in deploying networking products and services by Yahoo. The search engine will also assist Info Network to train people in the voice-based local search space.

 

Commenting on the newly developed strategic partnership, Yahoo emerging markets head Keith Nilsson said that Yahoo's alliance will help the Indian company to emerge as a national player in the directory search service. The increasing use of mobile phones by consumers to search and find local businesses and services has elevated growth rate of Indian local search market. Yahoo is focused on this prospect as far as business in directory search service is concerned.

 

Info Network plans to expand its customer base to 10 million by 2010 from two million in FY 2008. The company generates about 10,000 calls per day from consumers and helps two million customers across verticals to benefit from the service. With the help of Yahoo, the Chennai-based company plans to generate about 50,000 calls per day over the next 18-24 months from all-India operations. This will lead the company to post a revenue of Rs.240 million by the end of fiscal 2009-10.