Companies

Info Edge invests Rs 370 crore in six wholly-owned subsidiaries

| | Updated on: Nov 21, 2021
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The fresh investment allows Info Edge to strengthen the financial health of these companies

Sanjeev Bikhchandani-led Info Edge has invested nearly Rs 370 crore in six of its wholly-owned subsidiaries. This includes Rs 14 crores in Zwayam Digital Pvt, Rs.86 Crores in Startup Internet Services Ltd., Rs 207 crore in Startup Investments (Holding) Ltd., Rs.45 Crores in Redstart Labs (India) Ltd, Rs 2 crore in Axilly Labs Private Limited and Rs 20 crore in Allcheckdeals India Pvt. Ltd.

This comes after the company raised ₹750 crore via qualified institutional placement (QIP).

The investment in Allcheckdeals allows the company "to strengthen the financial health of its mentioned wholly-owned subsidiary enabling it to offer improved services in the real estate segment by providing a new platform to real estate industry professionals to conduct their business efficiently and/or helping it to diversify, organically and/or inorganically, into other connected areas," Info Edge said in a stock exchange filing.

Axilly Labs Private (DoSelect) is engaged in the business of providing technical assessment services to its clients for recruitment and learning purposes. It delivers these services via its technical assessment platform ‘doselect.com’. Info Edge has agreed to acquire 2,00,000-0.0001 per cent Compulsorily Convertible Debentures (“CCDs”) having face value of Rs 100 each, convertible within a period not exceeding 10 (Ten) years, at any time from the date of allotment on the mutually agreed terms and conditions. "The present investment allows company to strengthen the financial health of its mentioned wholly-owned subsidiary enabling it to offer improved services helping it to diversify, organically and/or inorganically, into other connected areas," the company said.

Redstart is engaged in the business of providing all types of Internet services, development of software, consultancy, technical support for consumer companies, internet or SAAS providers, and any other services in the area of information technology and product development. Info Edge has agreed to acquire 45,00,000-0.0001 per cent Compulsorily Convertible Debentures (“CCDs”) having face value of Rs. 100/- each, convertible within a period not exceeding 10 (Ten) years, at any time from the date of allotment on agreed terms and conditions.

Zwayam is engaged in the business of providing SaaS based sourcing and screening recruitment solutions and providing end-to-end recruitment solutions with configurable plug and play modules. It had a turnover of Rs 6.46 crore.

Startup Internet Services Ltd is engaged in the business of providing all kind and types of internet, computer, electronic and related services. It had zero revenues for the last 3 years.

Startup Investments (Holding) Ltd is engaged in Holding and investment company and management consultancy activities including provision of advice, guidance or operational assistance to businesses. This company also had no revenues in the last three years.

The fresh investment allows Info Edge to strengthen the financial health of these wholly-owned subsidiaries, enabling it to offer improved services helping it to diversify, organically and/or inorganically, into other connected areas.

Published on November 21, 2021

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