New Delhi, Jan 14 (PTI) Website name registry firm Radixexpects to grow by around 25 per cent to clock Rs 100 crorerevenue in 2018, company's executive chairman Bhavin Turakhiasaid.
"Radix was launched in 2012 with an eventual investmentof Rs 160 crore. Its annual revenue for the calendar year 2017was over Rs 80 crore and is expected to cross Rs 100 crore in2018," Turakhia told PTI.
Radix, the domain registry firm, claims to have sold over30 lakh domain (website) names to users around the world.
Bhavin Turakhia has stepped down from the position ofglobal CEO and elevated its Vice President and Business HeadSandeep Ramchandani to the post.
"We are pleased to elevate Sandeep to the position of CEOat Radix. Having worked with us since 2003 across variousbusinesses, Sandeep has been an integral part of our journey.
We remain extremely bullish about the future opportunities inthe domains space, and are confident that Sandeep will scalethe business rapidly," Bhavin Turakhia said.
Bhavin Turakhia will continue to be Radix's ExecutiveChairman.
Radix had bid to operate 31 top level domain extensionsand won the rights for nine extensions, including .online,.site, .tech, .store, .press and .fun.
"India is the 3rd largest startup ecosystem in the worldand has 42.50 million SMEs but the domain penetration rate inIndia is 1.1 per cent, compared to 3.6 per cent in China and43.6 per cent in the US. This gap will soon begin to close andthe demand for websites, professional email addresses, andconsequently, domains names will grow at an even faster pace,"Ramchandani said.
He said that there are 460 million Internet users inIndia at present, which second only to China and by 2021 thisnumber is expected to be 635.8 million.
As per a report by Zinnov, the domain name industry inIndia has grown by a CAGR of 11.9 per cent during the periodJune 2013 - June 2016, as compared to 8.7 per cent globally.
PTI PRSBAL.
This is unedited, unformatted feed from the Press Trust of India wire.