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Info Edge (India) infuses funds in two startups

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Info Edge (India) said it acquired stakes in alumni management platform Univariety and in pharmaceutical platform Medcords.

Info Edge (India) has entered into an agreement to invest about Rs 7 crore, through its wholly-owned subsidiary, in MedCords Healthcare Solutions. Info Edge (India) will acquire 2,869 Series A compulsory convertible preference shares, having a face value of Rs 100 each, at a premium of Rs 24,295.20 per share. Info Edge added that post this investment, the aggregate shareholding of Info Edge (India) in MedCords would be 16.89% on a fully-converted and diluted basis, from 11.37% stake held currently.

Incorporated in September 2016, MedCords connect patients, doctors and pharmacies to facilitate tele-consultations for patients in tier 2 and tier 3 cities, which has a low access of quality doctors. The company also enables on-demand availability of users' medical records.

Further, Info Edge (India) has also agreed to invest another Rs 8 crore in an education services startup Univariety. Info Edge has agreed to acquire 3,986 Series A1 compulsory convertible preference shares having face valtie of Rs 100 each at a premium of Rs 19,970.97 per share. The aggregate shareholding of the company, post this investment, in the said entity would be 37.90% on a fully converted & diluted basis.

Univariety, which is operated by International Educational Gateway, was incorporated in May 2019. It offers education counselling to students and related services to schools and colleges. It offers its services offline and through its website and third-party portals.

Univariety's turnover had risen to Rs 7.66 crore in the fiscal year ended 31 March 2019 from Rs 4.4 crore in the previous financial year. It had a turnover of Rs 4.09 crore in the fiscal year 2016-17.

On a consolidated basis, Info Edge (India) reported net loss of Rs 59.85 crore in Q3 December 2019 compared with net profit of Rs 331.78 crore in Q3 December 2018. Net sales rose 15.5% to Rs 335.06 crore in Q3 December 2019 over Q3 December 2018.

Info Edge (India) runs leading internet businesses like Naukri.com, Jeevansathi.com, 99acres.com and Shiksha.com. The company also owns Quadrangle and Naukri Gulf. Info Edge has made significant strategic investments into emerging internet companies - zomato.com, meritnation.com, policybazaar.com, Canvera.com, happilyunmarried.com.

Shares of Info Edge (India) slumped 14.09% at Rs 1,669.35. The scrip hovered in the range of Rs 1,580 to Rs 3,125 so far. It also hit 52-week low at Rs 1,580 during intraday trade.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, March 23 2020. 13:10 IST
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