IndiaMART, India’s largest online B2B marketplace, has seen its stock price rise nearly 120 percent since listing in July this year. Brokerage firm Jefferies has initiated a buy rating on the stock with a target of Rs 2,500. Dinesh Agarwal, founder and CEO of IndiaMART InterMESH, spoke about the latest developments in the company in an interview with CNBC-TV18.Agarwal said that the company's revenue growth has been robust for the last couple of years. “Since we collect money in advance, we have about Rs 629 crore of deferred revenue pool and that deferred revenue flows into revenue. So whatever revenue seen is the impact of past several quarters that deferred revenue has accumulated.”He added: “We have seen that the incremental growth in the deferred revenue has slowed down considerably over the last 2 quarters and that’s probably going to show up in the revenue over the next couple of quarters if the economic conditions do not improve substantially quickly."Agarwal revealed that growth will be lower than the 25 percent target.About subscriber base, he said: “We have been growing our overall subscriber base approximately about 15 percent year-on-year and we have a net client addition of about 5,000 per quarter.“However, as the economy has slowed down considerably in the last 2-4 quarters—last quarter we added only 4,000 customers because of pressure on sales and revenue. We believe that we will try and grow at 15 percent on the customer side as well as about 5 percent on the average revenue per customer,” Agarwal added.On the business front, he said: “We are much diversified in terms of industries and geography coverage and we already have more than 140,000 product categories and about 60 million products coming from there. We deal into 1,000 plus small towns, cities and tier-III villages. Therefore, our core business will continue to remain robust.“We are looking at SaaS [software as a service] and fintech opportunities for SMEs [small and medium-sized enterprises]. We have invested about 26 percent in mobile accounting software called Vyapar. It’s a software for micro SMEs. We have taken some bets on that, let’s see how it unfolds,” he added.Agarwal said that collection growth has come down to 15-16 percent from 30 percent in the last two quarters.