Info Edge pumps in Rs 374 crore across six subsidiaries
Naukri parent Info Edgeon Sunday announced investing Rs 374 crore across six wholly-owned subsidiaries to fuel growth.
The company has invested Rs 20 crore in Allcheckdeals, which provides brokerage services for the real estate sector. The company reported zero turnover for the consecutive financial years, 2019-20 and 2020-21.
Info Edge has also invested Rs 45 crore in Redstart Labs, a subsidiary incorporated in 2020 that provides internet services, consultancy and technical support. To strengthen its jobs vertical which houses the flagship brand and primary revenue business,, Info Edge has also invested Rs 2 crore in skill assessment platform DoSelect, which it had acquired in July 2021 and Rs 14 crore in HR Software-as-a-Service (SaaS) startup Zwayam Digital, which it had acquired in June 2021.
The investment in these subsidiaries is aimed at strengthening their financial health and to help them diversify their businesses in connected areas.
The company has also announced an investment of Rs 86 crore in Startup Internet Services Ltd and Rs 207 crore in Startup Investments Holding Ltd, which provides management consultancy and operational assistance to businesses.
For its second quarter earnings, Info Edge reported revenues of Rs 351.7 crore, up 37.3 percent year-on-year. The operating EBITDA of the company grew by 106 percent year-on-year to Rs 106.3 crore.