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Info Edge (India) venture fund invests in e-sports platform, telehealth firm

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The technology major's investment vehicle, IE Venture Fund I, will invest about Rs 3.5 crore in Fanbuff Esports India and Rs 3.70 crore in Intellihealth Solutions.

Fanbuff Esports India operates e-sports community engagement platform "Fanclash", and the Intellihealth Solutions operates telehealth platform "Truemeds".

The IE Venture Fund will acquire 3,077 series seed compulsorily convertible preference shares at a face value of Rs 10 and a premium of Rs 11,364.70. The aggregate shareholding of IE Venture Fund I, post this investment, in Fanclash would be 20% on a fully converted & diluted basis.

Fanclash is an online e-sports focused engagement and community platform. E-sports fans can watch, play, follow various games like Free Fire, PUBG, Counter Strike and engage with their favorite esports players and streamers on the platform. Fanclash's vision is to become the go-to platform for e-sports fans.

The investment will help support Fanclash to grow its business in India, Info Edge said in a filing.

Meanwhile, IE Venture Fund I will acquire 24,980 series seed compulsorily convertible preference shares having face value of Rs 10 each at a premium of Rs 1,468.79. The aggregate shareholding of IE Venture Fund I, post this investment, in Truemeds would be 17.80% on a fully converted & diluted basis.

Truemeds which was incorporated on 1 February 2019 is a tele-health platform focused on selling top company traded generics/substitute medicines to consumers. Its telemedicine platform of doctors advises consumers about substitute medicines (offered by top pharma companies but at much cheaper costs) which could significantly reduce cost of their medical bills. Truemeds reported an unaudited turnover of Rs 1 crore for the 2019-'20 financial year, per Info Edge's filing.

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) dropped 3.03% at Rs 2,377.45. The scrip hovered in the range of Rs 2,370 to Rs 2,432.15 so far.

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

First Published: Fri, May 22 2020. 13:04 IST
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