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Info Edge confirms Gramophone–Unnati merger, to hold 20% stake

EntrackrEntrackr · 13d ago
Info Edge confirms Gramophone–Unnati merger, to hold 20% stake
Medial

Info Edge (India) Ltd has formally confirmed the long-rumoured share swap between its agritech portfolio company Gramophone and Unnati Agri, validating Entrackr’s earlier report on the proposed consolidation in the digital agri-input space. In a stock exchange disclosure on Saturday, Info Edge said its wholly owned subsidiary Startup Investments (Holding) Ltd (SIHL) has agreed to transfer its entire stake in Agstack Technologies Pvt Ltd (Gramophone) to Akshamaala Solutions Pvt Ltd (Unnati) as part of a share swap arrangement. The transaction is structured as a merger-led consolidation rather than an outright cash acquisition. Under the approved structure, SIHL will transfer 339,305 shares, a 50.94% stake in Gramophone on a fully diluted basis, to Unnati at a valuation of Rs 2,702.87 per share, for a consideration of Rs 91.7 crore. In return, Unnati will issue 49,145 preference shares, giving SIHL a 15.75% stake in Unnati on a fully diluted basis. In addition to the share swap, Info Edge will invest Rs 35 crore as a primary infusion in Unnati by subscribing to 18,756 preference shares, which will raise its aggregate shareholding in Unnati to 20.53%. This stake is expected to dilute to 18.48% once all Gramophone shareholders receive Unnati shares pursuant to the merger. The transaction is expected to close within 90 days, subject to completion of definitive agreements and customary conditions. The deal aims to combine Unnati’s B2B agri-input distribution and financing network with Gramophone’s farmer-facing advisory and commerce platform, one of the most significant consolidation moves in India’s agritech sector in recent years. Unnati recorded revenue of Rs 291 crore in FY25 with a loss of Rs 18.4 crore in the same period.

Info Edge crosses Rs 2,500 Cr revenue and Rs 500 Cr profit threshold in FY24

EntrackrEntrackr · 1y ago
Info Edge crosses Rs 2,500 Cr revenue and Rs 500 Cr profit threshold in FY24
Medial

Info Edge, the parent company of Naukri and 99acres, published its financial statements on Thursday. The consolidated figures showcased a modest 8% increase in revenue for FY24. However, the company made a turnaround in its bottom line, transitioning from a loss of Rs 70 crore in FY23 to a profit of Rs 594 crore in FY24. Info Edge’s revenue from operations grew 8% to Rs 2,536 crore in FY24 from Rs 2,345 crore in FY23, its consolidated financial statements disclosed with the stock exchange shows. Meanwhile, the company posted a 4.8% increase in revenue to Rs 657 crore in Q4 FY24 from Rs 627 crore in Q3 FY24. The Sanjeev Bikchandani-led firm operates through different segments. Income from Naukari.com and related portals formed 74.1% of its total revenue which increased 7.49% to Rs 1,880 crore in FY24. Its other segment 99acres saw a 23.6% growth to Rs 351 crore in FY24. Jeevansathi and Shiksha combined participated with Rs 305 crore of revenue during FY24. Info Edge made Rs 414 crore from non-operating activities tallying its total revenue to Rs 2,950 crore in FY24. Akin to other internet companies, its employee benefits accounted for 61% of its total expenditure which grew only 2.83% to Rs 1,128 crore in FY24 from Rs 1,097 crore in FY22. Info Edge’s network/internet, advertising cum promotional, legal, traveling and other overheads push the total expenditure to Rs 1830 crore in FY23 from Rs 1,858 crore in FY23. Note 1: The company recorded exceptional items of Rs 110 crore and Rs 509 crore in FY24 and FY23 respectively due to the decrease in the carrying value of investments. This was the primary reason for the significant loss posted in FY23. Note 2: The company has 15 joint ventures including Makesense, Happily Unmarried’s Ustraa (now acquired by VLCC), Shopkirana, Juno, Sploot and others during FY24. Info Edge recorded a share loss of Rs 131 crore and 231 crore in FY24 and FY23 respectively in its joint ventures which also makes a part of its consolidated figures and reflects losses in the financial statements. At the end, Indo Edge posted a net profit of Rs 594 crore in FY24 where the figures stood at a loss of Rs 70 crore in FY23 (refer note 1 and 2). On a unit level, it spent Rs 0.72 to earn a rupee in FY23.

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