Info Edge Arm To Pick Up Additional Stake In Brainsight

SUMMARY

Info Edge’s subsidiary Redstart Labs will invest INR 3 Cr in Brainsight, increasing its stake in the company to 5.27% from 4.68% earlier

Founded in 2019, Brainsight is a healthcare startup that offers AI based solutions for functional brain mapping

Info Edge is one of the oldest internet companies in India and counts Zomato, PB Fintech (Policybazaar and Paisabazaar) and Adda247 among its portfolio companies

Online classified company Info Edge’s subsidiary Redstart Labs is set to acquire additional stake in Brainsight Technology for a cash consideration of INR 3 Cr (around $353K), taking its shareholding in the Bengaluru-based healthcare startup to 5.27% from 4.68% earlier.

In an exchange filing, the Sanjeev Bikhchandani-led company said that Redstart has received approval from its board to acquire 385 compulsorily convertible preference shares of Brainsight.

Founded in 2019 by Laina Emmanuel and Rimjhim Agrawal, Brainsight offers AI based solutions for functional brain mapping. Currently, it offers two products — Voxelbox and Snowdrop.

While Voxelbox gives clinicians access to fMRI processing engine and machine learning models for generating reports, Snowdrop is a patient care app.

As per the filing, Brainsight incurred a loss of INR 4.76 Cr in the financial year 2023-24 (FY24) with the startup valued at INR 3.74 Cr.

Info Edge has been on an investment spree lately. Last month, the internet company said it planned to invest INR 4 Cr in its portfolio company LegitQuest via its wholly owned subsidiary Startup Investments (Holdings) Ltd.

Prior to that, in October, Info Edge announced its committee of executive directors greenlit the company’s proposal to invest INR 30 Cr in Redstart Labs.

Founded in 1995 by Bikhchandani, Info Edge is one of India’s oldest internet-based companies, which operates across sectors such as recruitment (Naukri), real estate (99acres), matrimony (Jeevansathi) and education (Shiksha).

It counts listed giants such as foodtech major Zomato, insurtech startup PB Fintech, and unlisted edtech company Adda247 among its portfolio companies.

Info Edge reported a 64.6% decline in its net profit to INR 84.73 Cr in the September quarter of the financial year 2024-25 (Q2 FY25) from INR 239.74 Cr in the same quarter last year.

However, operating revenue revenue increased nearly 12% to INR 700.82 Cr during the quarter under review, compared to INR 625.84 Cr in the year-ago period.