Info Edge Pumps In INR 374 Cr In Its Six Wholly-Owned Businesses

Delhi-NCR based internet company Info Edge has made a fresh infusion of INR 374 Cr into its six wholly-owned subsidiaries as per the SEBI’s filings.

The Sanjeev Bikhchandani-led company which is often known for investing in upcoming internet companies has invested in Allcheckdeals India, Axillary Labs Private Limited, RedStart Labs, Startup Investment Holdings Limited, Startup Internet Services Ltd, and Zwayam Digital Ltd. 

Info Edge, whose net profit for the July-September quarter jumped multi-fold on the back of massive gains from the bumper IPO and listing of online food tech major Zomato has invested INR 20 Cr in Allcheckdeals, a brokerage providing firm for the real estate sector. Info Edge said that the fresh investment would help the startup strengthen its financial position and offer improved services in the concerned sector.

The 2008 incorporated business Allcheckdeals will be offering 20,00,000 NCDs to Info Edge. Allcheckdeals has reported zero turnover for FY19-FY20 and FY20-FY21.

The internet company has invested INR 4.23 Cr in a Bengaluru-based data-driven skill assessment platform for hiring and skilling DoSelect. Info Edge had acquired DoSelect in July for INR 21 Cr. The skill assessment startup reported a turnover of INR 4.23 Cr in FY20-FY21 and INR 3.50 Cr in FY19-20.

Info Edge has also pumped in INR 14 Cr in HR SaaS platform Zwaynam which it acquired earlier this year for a value of INR 61 Cr. Zwaynam had a turnover of INR 6.46 Cr in FY20-FY21 and INR 4.40 Cr in FY19-FY20. 

It has also pumped INR 45 Cr in Redstart Labs, which provides all types of internet services, development of software, consultancy, and other SaaS services. 

The company has also made fund infusion in its investment arms — Startup Investment Holdings and Startup Internet Services Ltd to the tune of  INR 207 Cr and INR 86 Cr respectively. 

In Q2 of FY22, Info Edge posted a consolidated net profit of INR 7,369.34 Cr, a 22 times higher than INR 328.03 Cr reported in the same period of the last financial year (FY21).

The exceptional gains of Info Edge during the period under review stood at INR 8,269.25 Cr, including INR 357.14 Cr raised from the share sale in the Zomato IPO. It also includes INR 7,867.67 Cr as a gain on the fair valuation on investment.

It also posted operational revenue worth INR 364.07 Cr in Q2 of FY22, a 40% rise from INR 260.91 Cr in the same period it posted last financial year.