IT company Info Edge, which owns portals like Naukri and 99 Acre, said in a regulatory filing on Saturday that it has invested 300 crore in its subsidiary, Startup Investments (Holding) Limited (SIHL). Info Edge has 100% stake in startup investments.
“The current investment will help SIHL explore investment opportunities, including contribution to the AIF(s) managed by SmartWeb Internet Services,” Info Edge said in the filing. Info Edge said it is investing cash of 300 crores immediately.
“The Company has agreed to acquire 3 crore-0.0001 per cent Compulsory Convertible Debentures (CCDs) of face value of 100 each convertible, within a period not exceeding 10 years, at any time from the date of allotment on agreed terms and conditions,” the regulatory filing said.
Info Edge, the owner of job portal Naukri.com, on Friday reported a 85.5 per cent rise in its consolidated net profit. 292.43 crore in the first quarter ended June 30, 2022.
Info Edge on Friday reported a jump of 85.5 per cent in its consolidated net profit. profit increased 292.43 crore in the first quarter ended June 30, 2022. A year ago, the company had reported a net profit of 157.64 crores.
Consolidated revenue from operations up 66.5 percent 547.26 crore during the reported quarter 328.6 crore in the June 2021 quarter. Info Edge billing on a standalone basis, which includes the acquired businesses of Zwayam and DoSelect, grew by 66.4 percent on a year-on-year basis. 537 crores.
Hitesh Oberoi, Managing Director and CEO, Info Edge said that the recruitment business continues to grow strongly.
Chintan Thakkar, Whole Time Director and Chief Financial Officer, Info Edge (India) said, “The steady growth in billings and profits for the fifth consecutive quarter is a testament to the new momentum in the business.”
(with agency input)
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