Temasek Holdings Announces $162.5 Mn Investment In 3 Info Edge Funds

SUMMARY

Temasek’s subsidiary to commit 50% of the total corpus of each of the three funds

Info Edge will invest the remaining 50% in the funds directly or via its wholly-owned subsidiaries.

Temasek will invest $75 Mn Info Edge Venture Investment Fund II. It will additionally invest $50 Mn in Info Edge Venture Fund Follow-on I and $37.5 Mn in Capital 2B Fund I.

Singapore’s state-owned investment firm Temasek Holdings has announced an investment of $162.5 Mn in three funds managed by Sanjeev Bikhchandani-backed Info Edge.

In a regulatory filing, Info Edge said, “MacRitchie Investments Pte. Ltd, an indirect wholly owned subsidiary of Temasek Holdings Limited, has committed approximately 50% of total corpus of each scheme in partnership with the company, sponsored through Smartweb Internet Services Limited.”

Smartweb Internet Services is a wholly-owned subsidiary of Info Edge.

As part of the deal, Temasek will invest $75 Mn in Info Edge Venture Investment Fund II. It will additionally invest $50 Mn in the second scheme of Info Edge Venture Fund (IEVF) Follow-on I and $37.5 Mn in a yet to be approved Capital 2B Fund I.

The filing said Info Edge will invest the remaining 50% in the funds directly or via its wholly-owned subsidiaries. This investment will be subject to shareholder approval, which is likely to come by May 21.

Info Edge, via the funds, has made numerous bets such as in fintech startup DotPe, engagement platform Qyuki, healthtech startup Truemeds, among others.

Incorporated in 1995, Info Edge operates companies such as online job portal Naukri, matrimony site Jeevansathi, proptech platform 99Acres, among others. The listed company has seen its value soar over the last few years and has a current market capitalisation of over INR 60K Cr.

Notably, Info Edge was an early backer of many big names in the Indian startup world, including listed foodtech startup Zomato and PolicyBazaar. The company’s other investments include edtech platforms Adda 247, Meritnation, agritech startup Gramaphone, among others.

The company has been on an investment spree recently. On Thursday, Info Edge, along with Omnivore, led a $5.7 Mn seed funding round for Rajasthan-based farm vehicle marketplace Tractor Junction.

The company also announced its investment in Gurgaon-based Geniemode, a cross-border tech platform for lifestyle goods. Recently, Info Edge also acquired a 76% stake in Bengaluru-based dating app Aisle for INR 91 Cr.

As per Inc42 data, Indian startups raised a record $41.4 Bn across 1,579 deals last year. The trend has continued in 2022 as well, with Indian startups raising more than $11.8 Bn across 506 funding deals in the first quarter of 2022.