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Info Edge To Invest Another INR 15 Cr In Agritech Startup Gramophone
Inc42
·
1y ago
Medial
Indian internet company Info Edge is set to increase its stake in agritech startup Gramophone with an investment of INR 15 crore ($1.8m). The investment, made via subsidiary Startup Investments (Holding) Ltd, will take Info Edge's stake in Gramophone to 39.5%. Gramophone, founded in 2016, sells farming supplies such as seeds, fertilisers and pesticides directly to farmers and through small retailers. Info Edge has previously invested in the startup and its board also approved the divestment of SIHL's 34.93% holding in B2B catalogue company Wishbook Infoservices.
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Info Edge reports INR 532 Cr loss on 4B Networks Investment
Inc42
·
1y ago
Medial
Internet giant Info Edge has written off a total loss of INR 532.25 Cr in proptech startup 4B Networks in Q2 FY23. This includes INR 80.77 Cr for net assets, INR 12.32 Cr for inter-corporate deposits, and is reduced by non-controlling interest payable of INR 2,80.27 Cr. The reasons cited for the write-off include excessive cash burn, liquidity issues, and uncertainty toward funding options. Info Edge had invested INR 288 Cr in the startup.
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Info Edge To Invest INR 4 Cr In Legal Tech Startup LegitQuest
Inc42
·
8m ago
Medial
Info Edge, an Indian company, plans to invest in a legal tech startup called LegitQuest in two equal tranches within the next year. After the second investment, Info Edge will own 27.98% of LegitQuest. LegitQuest was founded in 2017 and specializes in providing generative AI solutions to lawyers.
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Info Edge Gets Nod To Invest INR 30 Cr In Its Subsidiary Redstart Labs
Inc42
·
9m ago
Medial
Info Edge, an online classifieds company, plans to invest in CCDs worth INR 30 lakh. The investment will be utilized to meet capital requirements, explore new opportunities, and finance general purposes. The company's shares on the BSE ended 3.6% lower at INR 7654.75.
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Info Edge Shares Zoom 9.8% To 52-Week High On Strong Q4 Performance Update
Inc42
·
1y ago
Medial
Info Edge, the parent company of popular platforms like Naukri.com and 99acres.com, has witnessed a strong performance in Q4 and fiscal year 2023-24. The standalone billings for Info Edge grew by 5.48% YoY to reach INR 2,495.9 crore in FY24. The recruitment solutions vertical, including Naukri and iimjobs, recorded standalone billings of INR 1,883.2 crore, while 99acres saw a surge of 23.5% to reach INR 385.1 crore. Analysts believe that the recovery in Naukri billings indicates a potential bottoming-out of IT hiring, and Info Edge is expected to report 15% YoY billings growth in FY25.
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Info Edge files FIR against Rahul Yadav over 4B Networks fraud
Economic Times
·
8m ago
Medial
Info Edge, a consumer internet group, has filed a complaint with the Mumbai police against Rahul Yadav and others for alleged fraudulent activities involving funds from 4B Networks. Yadav, the cofounder of Housing.com, was fired in 2015. Info Edge had invested INR 295 crore in Yadav's new startup, 4B Networks, in 2021-22. After the startup failed to disclose financial details, Info Edge appointed Deloitte for a forensic audit. When 4B Networks did not provide the necessary information, legal action was taken. The co-founder of Info Edge admitted that investing in 4B Networks was a mistake.
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Gramophone posts Rs 316 Cr gross revenue and Rs 58 Cr loss in FY23
Entrackr
·
1y ago
Medial
Agritech startup Gramophone has been making its place in the agritech space with over 75% year-on-year growth during the fiscal year ended March 2023. At the same time, losses for the InfoEdge-backed company looked under control compared to other VC-backed agritech startups. Gramophone’s gross revenue grew 75.6% to Rs 316 crore in FY23 from Rs 180 crore in FY22, its consolidated financial statements filed with the Registrar of Companies show. Founded in 2016 by Nishant Mahatre and Tauseef Khan, Gramophone’s offerings include crop protection, crop nutrition, seeds, implements, and agri hardware. It also facilitates farmers to sell crops to vyapaaries (businessmen) directly through its Gram Vyapaar feature. The sale of products (agri inputs) is the sole source of revenue for Gramophone. For the agritech startup, the cost of procurement of inputs accounted for 81% of the overall expenditure. In the line of scale, this cost surged 76.2% to Rs 303 crore in FY23 from Rs 172 crore in FY22. Its employee benefits, information technology, advertising cum promotional, provisions for trade receivables, and other overheads catalyzed the overall expenditure up by 70% to Rs 374 crore in FY23 from Rs 220 crore in FY22. See TheKredible for the detailed expense breakup. Expenses Breakdown Total ₹ 220 Cr https://thekredible.com/company/gramophone/financials View Full Data To access complete data, visithttps://thekredible.com/company/gramophone/financials Total ₹ 374 Cr https://thekredible.com/company/gramophone/financials View Full Data To access complete data, visithttps://thekredible.com/company/gramophone/financials Cost of materials consumed Cost of materials consumed Employee benefit Employee benefit Information technology Information technology Advertising promotional Advertising promotional Provision for Trade Receivables Provision for Trade Receivables Others To check complete Expense Breakdown visit thekredible.com View full data Despite a decent scale, losses for the Gurugram-based company grew 48.7% to Rs 58 crore in FY23 from Rs 39 crore in FY22. Its ROCE and EBITDA stood at -119% and -17.4% respectively. FY22-FY23 FY22 FY23 EBITDA Margin -21% -17.4% Expense/₹ of Op Revenue ₹1.22 ₹1.18 ROCE -57% -119% On a unit level, it spent Rs 1.18 to earn a rupee in FY23. With procurement costs (Rs 303 crores) accounting for almost 95% share of revenues (Rs 316 crores), Gramophone has an obvious margin challenge to manage, the common issue for all agritechs, unless they provide services. With other costs being much less elastic by now, there is no way out but to increase margins or topline without addition to non-procurement costs. Past performance indicates that it is easier said than done, and to that extent Gramophone, despite proving its market case, will need to pull off some major surprises to move into the black. With the plethora of agritechs out there, it will hopefully not need to search out the right answer for too long. Gramophone has raised around $18 million to date including its $10 million Series B round led by Z3Partners. According to the startup data intelligence platform TheKredible, InfoEdge is the largest external stakeholder with 32.89% followed by Z3Partners and Siana Capital. Its co-founders Tauseef Ahmed Khan and Nishant Vats cumulatively hold 27.16% of the company.
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No Plans To Exit Portfolio Companies: Zomato-Backer Info Edge
Inc42
·
11m ago
Medial
Info Edge co-founder, Sanjeev Bikhchandani, advises investors to stay invested for a long time to maximize their returns based on his previous experiences. Info Edge has seen significant gains on its investments in Zomato and PB Fintech, amounting to INR 2,189 Cr and INR 749 Cr respectively. In Q1 FY25, Info Edge's profit surged by 75% YoY to INR 258.85 Cr, with a 20% increase in revenue from operations to INR 827.92 Cr.
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Info Edge Q3: PAT Jumps 157% YoY To INR 119.4 Cr
Inc42
·
1y ago
Medial
Online classifieds major Info Edge reported a 157% YoY increase in consolidated net profit to INR 119.4 Cr in Q3 FY24. The growth was largely due to an exceptional loss of INR 411.8 Cr in the year-ago quarter. Despite this, total revenue declined by nearly 32% YoY to INR 659.8 Cr, primarily due to a drop in other income. Info Edge's online recruitment platform Naukri.com saw a 3.6% YoY increase in revenue, while its real estate portal 99acres.com recorded a 12.1% YoY growth.
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Info Edge shareholders approve Rs 1,000 Cr investment in third venture fund
YourStory
·
2m ago
Medial
Info Edge India’s shareholders approved a Rs 1,000 crore investment in IE Venture Investment Fund III, focusing on tech-driven Indian startups. The Naukri.com parent company’s venture funds are in partnership with Singapore’s sovereign wealth fund, Temasek. Info Edge has previously invested in successful startups like Zomato, Policybazaar, and NoBroker, deploying over Rs 2,000 crore. The decision indicates continued confidence in Info Edge’s investment strategy.
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Exclusive: Info Edge Joins Gnani.ai’s Cap Table With Fresh Funding
Inc42
·
1y ago
Medial
Gnani.ai, an AI customer experience platform, has secured INR 25 Cr ($3 Mn) in funding from investor Info Edge. The startup plans to utilize the funds to enhance its operations and boost sales. Founded in 2017, Gnani.ai offers an automated virtual assistant called 'Automate365' that facilitates conversational automation.
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