HomeBUSINESSInfo Edge infuses ₹300 crore in Startup Investments

Info Edge infuses ₹300 crore in Startup Investments

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IT company Info Edge, which owns portals like Naukri and 99Acres, said in a regulatory filing on Saturday that it has infused 300 crore in its subsidiary, Startup Investments (Holding) Ltd (SIHL). Info Edge holds 100 per cent state in Startup Investments.

“The present investment would help SIHL to explore investment opportunities including contribution to AIF(s) managed by Smartweb Internet Services,” Info Edge said in the filing. Info Edge said that it is making a cash investment of 300 crore immediately.

“The company has agreed to acquire 3 crore -0.0001 per cent Compulsorily Convertible Debentures (CCDs) having face value of 100 each convertible within a period not exceeding 10 years, at any time from thedate of allotment on agreed terms and conditions,” the regulatory filing said.

Info Edge, which owns job portal Naukri.com, on Friday posted an 85.5 per cent jump in its consolidated net profit to 292.43 crore in the first quarter ended on June 30, 2022.

Info Edge on Friday posted an 85.5 per cent jump in its consolidated net profit. The profit rose to 292.43 crore in the first quarter which ended on June 30, 2022. A year ago, the company had recorded a net profit of 157.64 crore.

The consolidated revenue from operations grew by 66.5 per cent to 547.26 crore during the reported quarter from 328.6 crore in the June 2021 quarter. Info Edge billing on the standalone basis, including from the acquired business of Zwayam and DoSelect, grew by 66.4 per cent on a year-on-year basis to 537 crore.

The recruitment business continues to grow strongly, Info Edge managing director and chief executive officer Hitesh Oberoi said.

“Consistent superlative growth of billings and profitability for the fifth consecutive quarter is evidence of renewed momentum in the business,” Info Edge (India) Whole Time Director and Chief Financial Officer Chintan Thakkar said.

(With agency inputs)

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