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Despite Covid-19 pain, Info Edge sets up $100 million fund to invest in start-ups

Business slowed down for its property booking platform, 99 acres, as well with growth slipping by 13 per cent.

Published: 05th June 2020 10:40 AM  |   Last Updated: 05th June 2020 10:40 AM   |  A+A-

Dollar notes, FDI

For representational purposes (File photo| Reuters)

Express News Service

BENGALURU:  INFO Edge India which has backed start-ups including Zomato and Policy Bazaar said that it has created a $100 million (Rs 700 crore) Venture Capital (VC) fund with a focus on investing in technology and innovation oriented startups.

“We believe there would be more opportunities to invest in certain strategic areas of our core operating business and other areas of expansion. This could include M&A activities and strategic stakes in certain areas of interest,” Info Edge said in a regulatory filing. At a time when investment activity is lying low due to the Covid-19 pandemic, Info Edge said that it has already disbursed Rs 150 crore by way of funding various start-ups including Dotpe Pvt Ltd (Rs 10.4 crore), Qyuki Digital Media (Rs 25.2 crore), Intellihealth Solutions Pvt Ltd (Rs 3.7 crore) and Fanbuff Esports India ( Rs 3.5 crore). 

The company said Rs 85 crore investments are at the sheet term stage. On the impact of Covid-19 on its other businesses, Info Edge said that the pandemic led to a decline in growth by 13 per cent for its recruitment vertical, Naukri and the decline in collections for Q4 FY20 stood at Rs 14 crore. 

Business slowed down for its property booking platform, 99 acres, as well with growth slipping by 13 per cent. 99acres had a decline of collection by Rs 18 crore year-on-year in Q4 FY20 YOY, Info Edge said. Business for its matrimonial site, however, grew sharply at 11 per cent in April amid the lockdown and there was a nominal decline in growth by six per cent in March. The company said that it is conserving cash, discretionary spends in this challenging business scenario.



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