I was invested in this, but got out 3 qtrs back when during two concalls the challenge of growth was outlaid by promoters very subtly - total available GST registered suppliers vs what they have on their platform etc. So I booked profits thinking will re-enter later.
Recently as part of browsing through my Smartkarma account, I came across analyst report published by Nitin Mangal who has developed forensic audit specialization. While report is paid one, summary is available free to read. And it does not sound very exciting:
https://www.smartkarma.com/insights/indiamart-intermesh-ltd-audible-phantom-notes