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Delhi-based online classifieds company, Info Edge, has invested about $1Mn (INR 7.4 Cr.) in Rare Media Company Pvt. Ltd. to acquire a 35% stake. The investment is done to boost Info Edge’s real estate business 99acres.
Rare Media is a software services company based in Delhi, and was founded in 2012 by Siddhartha Gupta. The company develops mobile applications on different platforms. Its field force tracking service, known as Blue Dolphin is used for employee location tracking and timekeeping on 3G-enabled Android smartphones.
Sanjeev Bikhchandani, founder of Info Edge said, “We have invested in this company because there is certain dependability that 99acres has on this company (continued). We want this company to be financially stable and have enough influence.”
Info Edge runs consumer internet properties such as Naukri, 99acres, Jeevansathi and Shiksha. It has earlier funded startups such as Zomato, Policybazaar and MyDala.
Prior to this in December 2015, Info Edge invested $2.2 Mn in Canvera Digital Technologies.
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