Classifieds major Info Edge announced on Saturday investment of ₹300 crore into its wholly owned subsidiary Startup Investments (Holding) Ltd (SIHL).
SIHL is an 100 per cent owned subsidiary on a fully converted and diluted basis. As per their exchange filing, the present investment would help SIHL to explore investment opportunities including contribution to Alternative Investment Funds managed by Smartweb Internet Services.
SIHL was incorporated on March 4, 2015 and is engaged in the business of being a holding and investment company, for the past three years it has had a zero turnover.
Info Edge reported that its net profit increased 85 per cent year-on-year to ₹292 crore in Q1FY23 against ₹158 crore in Q1FY22. Income increased 130 per cent to ₹874 crore in Q1FY23 against ₹381 crore reported in the same time last year.
EBITDA for the quarter stood at ₹163 crore, a growth of 57 per cent. Billing stood at ₹415 crore, a YOY growth of 65 per cent. Naukri India billing (included in above numbers) grew 72 per cent to $354 crore.
Hitesh Oberoi, Managing Director, Info Edge said the recruitment business continues to grow strongly and the company remains optimistic in the current quarter as well.
“Consistent growth of billings and profitability for the fifth consecutive quarter is evidence of renewed momentum in the business.” added Chintan Thakkar, Chief Financial Officer, Info Edge.