Info Edge (India) said that it has invested an amount of about Rs 7 crore in 4B Networks through its wholly-owned subsidiary.
In February 2021, the company had agreed to acquire 1,747 compulsorily convertible preference shares (CCPS) of 4B Networks for a consideration of Rs 9 crore. Post this investment, the company's aggregate shareholding in the said entity stood at 12.30% on a fully converted & diluted basis.
Info Edge has now agreed to acquire additional 1,358 compulsorily convertible preference shares (CCPS) to increase its shareholding in 4B from 12.30% to 19.9% on a fully diluted and on as converted basis.
4B is engaged in the business of enabling real estate developers and brokers to communicate with each other and conduct their business via the broker network platform. It helps brokers conduct site visits and provide home loan related services to their clients.
As part of company's strategic investments, the investment would help the company to strengthen its offering in the real estate segment by providing a new platform to real estate industry professionals to conduct their business efficiently.
Info Edge (India) is among the leading internet companies in India. The company runs leading internet businesses viz. Naukri.com, Jeevansathi.com, 99acres.com and Shiksha.com. The company also owns Quadrangle and Naukri Gulf. It has made significant strategic investments such as zomato.com, policybazaar.com and happily unmarried.com etc.
The company reported 60.2% rise in standalone net profit to Rs 66.68 crore on 10.2% fall in net sales to Rs 290.04 crore in Q4 FY21 over Q4 FY20.
The scrip rose 0.18% to end at Rs 5216.30 on the BSE on Friday.
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