New Delhi-based Info Edge (India) Ltd has picked up minority stakes in two startups – VCare Technologies and Unnati Online Pvt Ltd. The former offers a phone directory app called Diro Labs while latter runs a platform called Unnati Helpers to hire domestic help.
Unnati is based in Gurgaon and was founded by Shantanu Singh, Eral Ravi and Aashutosh Chaudhary. It works as an employment exchange network for informal sector workers in the country. These includes factory workers, office boys, delivery boys, housekeepers, drivers, laborers, maids, etc.
As mentioned in company’s BSE filing, the company has, through its wholly-owned subsidiary, invested an amount of INR 30 Mn through convertible preference shares for acquiring a 11.5% stake, on fully converted & diluted basis, in Vcare Technologies Pvt Ltd (www.dirolabs.com).
Related Article: Diro Labs Raises Further Investment From Naukri Parent Info Edge
Also, INR 40 Mn has been invested through convertible preference shares for acquiring about 28.5% stake, on fully converted & diluted basis, in Unnati Online Pvt Ltd
Lately, Info Edge is pouring in lot of money to strengthen its existing internet properties as well as increase its take in the booming ecommerce segment.
Earlier in January this year, it invested about $1Mn (INR 7.4 Cr.) in Rare Media Company Pvt. Ltd. to acquire a 35%stake. The investment was done to boost Info Edge’s real estate business 99acres. In December 2015, Info Edge invested $2.2 Mn in Canvera Digital Technologies.