Info Edge To Invest INR 10 Cr In Subsidiary Zwayam Digital

Naukri.com’s parent Info Edge announced on Friday (August 18) that it will invest INR 10 Cr in its wholly owned subsidiary Zwayam Digital to meet the working capital needs of the company. 

Founded in 2015, Zwayam is an SaaS HRtech platform that offers sourcing and screening recruitment solutions. The platform was acquired by Info Edge in 2021. However, it operates as an independent entity.

In the last fiscal year, the platform had a turnover of INR 38.53 Cr, along with a net profit of INR 2.55 Cr, Info Edge (India) disclosed in its exchange filings. 

Info Edge witnessed a net profit of INR 147.4 Cr in the first quarter of the financial year 2023-24 (FY24). Info Edge had posted a net profit of INR 292.4 Cr in the year-ago quarter. 

The company owns some major brands in the digital space like naukri.com, jeevansathi.com, 99acres.com, and shiksha.com.

According to a study conducted by Allied Market Research, the HRtech industry is expected to become a $76.5 Bn opportunity by 2031. 

In April, SaaS startup BetterPlace acquired Malaysia-based recruitment and job placement startup TROOPERS to expand its footprint. Earlier this year, the startup acquired Indonesia-based blue-collar workforce fulfilment platform MyRobin for an undisclosed amount.

In addition, InCred Capital acquired a 20% stake in the HRtech startup TeamNest this year. The deal enabled TeamNest to expand its presence. Not just this, State Bank of India invested $5 Mn in HRtech major Darwinbox in march this year.