FY26 was marked by heightened global uncertainty. Resurfacing tariff pressures, the continuing Russia-Ukraine war, intermittent India-Pakistan tensions, and escalating instability in the Middle East contributed to a more cautious operating environment, alongside evolving risks around inflation, interest rates, trade flows and supply chain realignments. At the same time, rapid advances in Artificial Intelligence (Al) emerged as a defining structural shift, creating significant opportunities to enhance products, user engagement and productivity while accelerating technological disruption across industries.
Under the circumstances, Info Edge delivered resilient performance in FY26, supported by the strength of its diversified digital portfolio, healthy profitability and robust cash generation. The recruitment business continued to grow steadily while maintaining industry-leading margins, and the Companys non-recruitment businesses gained market share, sustained growth momentum and collectively generated positive cash flows from operations. The Company continued to embed Al across its platforms while launching new Al-native products, and its investment portfolio created long-term shareholder value as major investee companies, including Eternal Limited (Eternal) and PB Fintech Limited (PB Fintech), scaled their businesses and improved profitability.
Business Environment
The Global Economy
According to the International Monetary Fund (IMF), the global GDP is projected to grow by 3.0% in CY26 and 3.4% in CY27, compared with 3.5% in CY25, reflecting a moderation in growth as businesses and consumers adjust to a more challenging macroeconomic environment. Inflation is expected to remain above long-term averages, although on a gradual easing trajectory.
While the baseline outlook remains stable, risks from geopolitical conflicts, trade fragmentation, commodity price volatility and tighter financial conditions continue to pose challenges to global growth. At the same time, rapid advances in Al are beginning to reshape business models and investment priorities across industries. For digital platform businesses such as Info Edge, these global developments influence operating conditions through three principal channels. First, hiring demand in export-oriented sectors, particularly information technology services, remains linked to global economic activity. Second, the overseas education market is influenced by changing visa policies, student mobility and geopolitical developments. Third, global capital flows and investor sentiment continue to affect technology valuations and the Companys investment portfolio.
Despite these headwinds, Info Edges diversified business portfolio demonstrated resilience during FY26. The recruitment business navigated a measured hiring environment while sustaining profitable growth. NaukriGulf benefitted from healthy hiring activity across the Middle East for most of the year, with moderation towards the end of the year owing to regional conflicts. While Shikshas Study Abroad business remained impacted by tighter visa norms in key destination markets, the Companys major listed investments continued to scale profitably and create long-term shareholder value.
The Indian Economy
India continued to be one of the fastest-growing major economies during FY26, supported by resilient domestic demand, sound macroeconomic fundamentals, and continued public investment in infrastructure and digitalisation. While economic growth moderated from the exceptionally strong levels of the previous year, it remained well ahead of most large economies. The IMF projects Indias real GDP growth at 6.4% in FY26 and 6.7% in FY27, reflecting the countrys favourable long-term growth outlook.
The operating environment during the year remained influenced by global uncertainties, including geopolitical tensions, elevated commodity prices, and a softer external demand environment. Nevertheless, continued urbanisation, formalisation of the economy, rising household incomes, expanding digital adoption and favourable demographics continue to support long-term growth across Indias consumption and services sectors.
Indias Digital & Al Transformation
Indias digital economy continued to expand rapidly during FY26, supported by one of the worlds largest internet user bases, affordable mobile data, widespread smartphone adoption and continued investments in digital public infrastructure. Digital technologies are increasingly transforming how individuals access employment, housing, education, financial services, healthcare and commerce, creating significant long-term opportunities for platform businesses.
The countrys digital transformation continues to be underpinned by strong policy support. Overthe past decade, the Digital India programme has accelerated internet connectivity, digital inclusion and the adoption of digital public infrastructure. Platforms such as Unified Payments Interface (UPI), Aadhaar, DigiLocker and BharatNet have significantly reduced friction across the economy while improving access to digital services. As digital adoption deepens, Indias digital economy is expected to become an increasingly important contributor to the countrys overall economic growth overthe coming decade.
Alongside this digital transformation, Al is emerging as the next structural driver of productivity and innovation. Enterprises across sectors are increasingly integrating Al into customer engagement, decision-making, software development and business operations. India is well- positioned to participate in this transition, supported by a vibrant technology ecosystem, one of the worlds largest pools of digital talent, and a rapidly expanding startup landscape. The country today hosts more than 2,100 Global Capability Centres (GCCs), which are increasingly undertaking high-value work across engineering, product development, data science and Al. Government initiatives such as the IndiaAl Mission are further strengthening the countrys Al ecosystem by expanding compute infrastructure, promoting indigenous Al research, improving access to high-quality datasets, supporting startup innovation and investing in talent development. The convergence of digital infrastructure, Al innovation, a strong technology talent pool and supportive public policy is creating a favourable environment for technology-led businesses, positioning India as one of the most attractive long-term digital growth markets globally.
Implications for Info Edge
The long-term structural trends shaping the global and Indian economies map directly to Info Edges businesses. Formalisation of employment, expansion of GCCs, and growing demand for specialised talent in Al, data science, cybersecurity and product engineering continue to expand the addressable market for the Companys recruitment platforms led by Naukri, while the continued formalisation of blue-and grey-collar employment strengthensthe long-term opportunity for Job Hai. Beyond recruitment, increasing digital discovery and transparency support 99acres, rising consumer trust in digital platforms benefits Jeevansathi, and Indias large and aspirational student population underpins long-term demand for higher education guidance through Shiksha. Across all businesses, Al acts as both an opportunity and a catalyst for change—a theme examined in detail within each vertical.
Business Structure
Info Edges business segments are organised around a single objective: value-creating growth over the long term. The Company drives this through investments in its operating businesses, which strengthen competitiveness and create synergies across the existing portfolio. At the same time, Info Edge maintains a strong liquidity position, holding sufficient cash and cash equivalents, to safeguard its core operations from financial risk. To make better use of this cash, the Company also channels a part of it into financial investments, backing startups led by committed entrepreneurs who use technology to solve real-world problems and have the potential to scale into sustainable, long term value-creating ventures.
The Business Portfolio
Strategically, the business comprises two portfolios: operating businesses and financial investments.
Operating Businesses
The core verticals—Recruitment, Real Estate, Matchmaking, and Education—sit at different stages of maturity, each holding strong market leadership in dynamic sectors where digital transformation continues to reshape market structures. Growth comes through both organic and inorganic routes. Organically grown brands include Naukri, Job Hai, etc. in Recruitment, 99acres in Real Estate, Jeevansathi in Matchmaking, and Shiksha in Education, with priorities centred on expanding services, enhancing user experience, and building new revenue streams while defending category leadership.
Inorganically, growth is supported by strategic investments and acquisitions like Zwayam, DoSelect and Aisle, enabling platform enhancements, ecosystem development, and capability augmentation across vertical and horizontal expansion, market consolidation, and new capabilities. Each business, along with its related investments, is run by an independent, empowered team with strong domain leadership, operating with autonomy to drive innovation while central functions, Finance, Legal, HR, and IT, provide governance and ensure alignment with group-level policy.
Financial Investments
Info Edge follows a hybrid approach here, deploying capital both directly from Balance Sheet and through Wholly-Owned Subsidiaries and through Alternate Investment Funds (AIFs) This lets the Company back promising early-stage startups without diverting focus from its core operations. Over time, this segment has matured into a structured platform built on two avenues:
Direct Investments through Balance Sheet and through Wholly-Owned Subsidiaries
Typically directed at early-stage startups with long-term value potential, this route has already delivered notable outcomes, including the successful listings of Eternal and PB Fintech.
Investments through AIF
Capital is also channelled through AIF schemes managed by Info Edge Ventures and its investment management team. These funds are managed by experienced investment professionals under a robust risk-management framework and are focused on generating long-term value through disciplined capital allocation. The Companys investments are currently channelled through the following schemes:
| Scheme Name | Corpus ( Rs. Mn)1 |
| IE Venture Fund I (including follow-on) | 15,135 |
| IE Venture Investment Fund II | 12,716 |
| Capital 2B Fund I | 6,378 |
| IE Venture Investment Fund III | 11,290 |
| B8 Fund I | 2,500 |
| A88 Fund I | 2,500 |
Tnfo Edge effective holding: c. 50%, 44.7%, 45.2% in Fund I, Fund II, Capital 2B, and c. 89% in IE Venture Investment Fund III, 100% in B8 Fund I and A88 Fund I, respectively. The details are as of March 31, 2026.
Collectively, these funds provide exposure to a diversified portfolio of 135 startups, with a concentration in Al, deeptech and consumer tech, alongside investments across SaaS, fintech and B2B e-commerce.
Business Review
Businesses Under Direct Management in the Standalone Entity
Recruitment
Recruitment is Info Edges largest and most profitable business, and has been the cornerstone of the Companys growth for more than two decades. Beyond being its principal revenue and profit generator, it has provided the financial strength to invest in technology, new businesses and one of Indias leading internet investment portfolios. Today, the business operates one of Indias most comprehensive talent hiring ecosystems, connecting recruiters and jobseekers across the entire hiring value chain through enterprise hiring solutions, specialised recruitment platforms, Al-powered products, jobseeker services, recruitment workflow software, skill assessment solutions, geographic expansion and the value segment.
Market Overview
Indias recruitment market continued to demonstrate resilience during FY26 despite a measured hiring environment. While macroeconomic uncertainty, geopolitical developments and a cautious spending environment saw moderated recruitment activity across certain sectors, the long-term fundamentals of Indias employment market remained robust.
Hiring activity during FY26 remained measured as organisations balanced cost discipline with selective investments in growth. While hiring in IT services continued to remain subdued for much of the year, demand across several non-IT sectors demonstrated greater endurance. The Naukri JobSpeak Index reflected these trends through the year, with hiring activity stabilising afterthe moderation witnessed over the previous two years and gradually improving across several sectors towards the latter part of FY26.
Hiring remained particularly stable across GCCs, hospitality, healthcare, retail, education and real estate, while demand for professionals with expertise in Al, data science, cybersecurity and product engineering continued to grow significantly faster than the broader market. Hiring momentum also broadened geographically, with Tier II cities continuing to gain prominence as enterprises expanded operations beyond traditional metropolitan hubs.
Structural Drivers
A defining characteristic of Indias recruitment market is that hiring demand is influenced not only by employment growth but also by workforce mobility. Employee attrition continues to generate significant recruitment activity even during periods of moderate economic growth, as organisations increasingly rely on external hiring to replace attrition, acquire specialised capabilities and support business expansion. For recruitment platforms, therefore, gross hiring demand is a more meaningful indicatorthan net employment creation alone. This structural characteristic contributes to the resilience of Indias organised recruitment market across economic cycles.
At the same time, Al is fundamentally reshaping the recruitment industry. Enterprises are increasingly adopting Al across candidate sourcing, screening, interview scheduling, matching, recruitment marketing and workforce planning. Rather than replacing recruitment platforms, Al is accelerating the industrys transition towards more intelligent, automated and data-driven hiring processes, enabling recruiters to improve productivity while delivering better candidate experiences.
Indias position as a global technology and innovation hub continues to strengthen these structural trends. The countrys 2,100+ GCCs continue to expand hiring across engineering, product development, Al, cybersecurity and digital transformation. The employment landscape is also becoming more geographically diversified, with increasing investment across Tier II and Tier III cities creating new employment clusters. At the same time, the rapid growth of blue- and grey-collar segment and flexible workforce models is creating a large and underpenetrated opportunity for digital recruitment platforms serving the value segment.
Key Trends Basis JobSpeak Index
| Hiring activity remained measured as organisations balanced cost discipline with selective investments in growth. |
| GCCs continued to be one of the strongest drivers of organised hiring, particularly across engineering, Al, product development and digital capabilities. |
| Select Non-IT sectors demonstrate relatively stronger resilience amidst uncertain macro environment, supported by continued hiring across hospitality, healthcare, retail, education and real estate. |
| JobSpeak Index stabilised in the latter part of the year after the moderation witnessed over the previous two years. Refer to Chart 3 for the quarterly YoY growth trend in the Naukri JobSpeak Index over the last three years. |
| Demand for Al, data science and cybersecurity professionals continued to outpace the broader market. |
| Hiring activity broadened beyond metropolitan markets, with Tier II cities continuing to emerge as important talent hubs. Southern and Western corridors led the way in Tier II hiring trends. |
The Indian Recruitment Model & Naukris Competitive Advantage
The Indian Recruitment Model
Indias recruitment market is structurally different from most developed markets, and this distinction has been central to Naukris leadership in the country for over 20 years. In many global markets, recruitment is primarily driven by a job-posting model. Employers advertise vacancies, candidates submit applications, and recruiters evaluate the applicant pool. While this approach works efficiently in markets characterised by relatively balanced labour supply and demand, it becomes less effective in markets such as India, where a single vacancy can attract hundreds and in many cases, thousands of applications.
Indias recruitment ecosystem has therefore evolved around a database-led search model. Rather than relying solely on inbound applications, recruiters proactively search candidate databases, identify relevant talent, and directly engage with prospective candidates. This approach significantly improves hiring efficiency by enabling recruiters to filter candidates based on skills, experience, location, compensation and other parameters before initiating contact.
As the recruitment process becomes increasingly search-led, the quality, scale and intelligence of candidate data become the principal sources of competitive advantage. Leadership in Indias recruitment market is determined not merely by the number of job listings or registered users, but by the ability to continuously enrich candidate data, generate superior matching outcomes and deliver measurable hiring efficiency for recruiters.
Database Scale, Freshness & Behavioural Data
Over nearly three decades, Naukri has built one of Indias largest and most dynamic recruitment ecosystems. As of March 31, 2026, the platform hosted 115 Million resumes, with approximately 23,000 new resumes added every day and morethan 713,000 resumes updated daily during FY26, ensuring that recruiters have access to a continuously expanding and refreshed talent pool.
Beyond scale, millions of daily interactions by recruiters and jobseekers generate rich behavioural signals that continually improve search relevance, candidate recommendations and matching accuracy. Supported by sustained investments in AI/ML, these proprietary datasets enable the platform to become increasingly intelligent over time.
Platform Flywheel & Network Effects
This creates a powerful self-reinforcing platform flywheel. Unlike traditional recruitment businesses, where competitive advantages are primarily relationship-driven, digital recruitment platforms become stronger as participation increases. Every additional recruiter, candidate and interaction enhances the platforms intelligence, improves matching quality and increases the value delivered to all participants. As these network effects compound over time, they become increasingly difficult for competitors to replicate.
Sales & Distribution Reach
These digital advantages are reinforced by one of the industrys largest direct sales and customer engagement organisations. With a presence across more than 75 cities, the Company has built deep relationships with enterprises, recruitment consultants, GCCs, start-ups, and small and medium businesses, while simultaneously expanding its reach across Tier II and Tier III markets. This extensive market presence enables faster customer acquisition, stronger retention and deeper penetration across Indias organised recruitment market.
From Marketplace to Talent Solutions Platform
The Companys strategy is also evolving beyond its traditional role as a recruitment marketplace. By integrating talent sourcing automation, talent intelligence, workflow management, skill assessment and candidate engagement capabilities into its ecosystem, Naukri is expanding from a hiring platform into a comprehensive talent solutions partner. These adjacent offerings deepen customer relationships, increase share of wallet and create multiple new avenues for monetisation while reinforcing the competitive strength of the core platform.
Al as Reinforcement, Not Disruption
Al represents the next phase of this evolution. Rather than disrupting the Companys core business model, Al enhances the effectiveness of database-led recruitment by improving search quality, recommendation accuracy, recruiter productivity and candidate engagement. Backed by more than a decade of investments in Al, one of Indias largest applied Al labs comprising over 130 data science and ML professionals, and proprietary datasets that cannot be easily replicated, the Company believes it is well positioned to lead the next generation of technology-enabled recruitment.
Business Operations
The recruitment ecosystem is organised into four complementary categories: Recruitment India B2B, Candidate and Jobseeker Services (B2C), NaukriGulf and Job Hai. Together, these businesses position Info Edge across every major segment of the recruitment market, from premium executive hiring to entry-level and frontline workforce recruitment, across geographies and customer segments, and from enterprise recruitment solutions to jobseeker services. Each category is discussed in detail in the following sections.
Recruitment India B2B (Employer & Platform Businesses)
This category encompasses the Naukri platform, which holds a leadership position in the white-collar hiring space. Naukri operates a database-led model serving a vast base of clients across IT, GCCs, BFSI, manufacturing, infrastructure, healthcare, recruitment consultants and other sectors. As of March 31, 2026, the platform had over
146,000 paid corporate clients. Growth in this category is driven by three variables across the premium, mid and value segments of the market: overall hiring volumes, share of hiring and revenue per hire.
The Premium Segment (> Rs.30 Lakh CTC)
Premium hiring is among the fastest-growing segments in Indias recruitment market, driven by demand for specialised talent across Al, data science, product management and cybersecurity, and supported by Indias emergence as a global talent hub and the expansion of GCCs and startups. It is structurally attractive, with higher revenue per hire and significant monetisation headroom. Premium candidates are typically passive and selective, requiring a curated experience. Naukri, along with specialised platforms, iimjobs, and Hirist, serve the fast-growing premium segment, iimjobs primarily caters to senior management and leadership hiring, while Hirist is an exclusive platform for premium technology talent. PremiumX, launched in FY26, further broadens the Companys premium offerings. Naukri TopTier, offered as part of the Naukri platform, provides a differentiated, invite-only experience for premium job seekers. Naukris differentiated multi-platform approach, strong recruiter relationships and expanding premium talent base are helping it gain share while supporting long-term revenue growth and improved revenue per client.
The Mid Segment ( Rs.5-30 Lakh CTC)
In the mid segment, while volume growth has moderated due to broader cyclical and economic factors, it remains the core segment for Naukri. The leadership position is supplemented by a large and diverse customer base across IT services, technology companies, BPM, GCCs, BFSI, healthcare, manufacturing, infrastructure and recruitment consultants. Operations in this segment focused heavily on expanding penetration into Tier II and Tier III cities, and among Small and Medium Enterprises (SMEs).
Naukri is actively working to capture a higher share of wallet through new offerings like Data Products and Al-Rex. Data Products like Talent Pulse and Executive Intelligence are Al-powered strategic talent intelligence tools that deliver insights on companies, salaries, employer branding, talent movement and workforce planning. These products have already delivered a revenue of Rs.320 Million in FY26. Al-Rex, an agentic recruitment platform, improves productivity of end-to-end hiring workflows for enterprises—from job mandate intake to candidate shortlisting—meaningfully reducing time-to-hire. With 1,000+ clients onboarded and 30,000+ job mandates closed as of March 31, 2026, early adoption is encouraging. The business is also increasing revenue per hire through branding services, job marketing and assisted services, combining Al with human-led support.
The Value Segment (< Rs.5 Lakh CTC)
The value segment spans entry-level roles across sectors and is expanding rapidly with urbanisation and workforce formalisation. Naukri has long served the white-collar end of this segment, including roles below Rs.5 Lakh. The larger blue- and grey-collar opportunity, structurally distinct in its dynamics and historically underserved, is addressed through Job Hai, the Companys dedicated platform for this market (see Section on Job Hai for more details).
Enterprise Tools & Other Businesses
The category is rounded out by enterprise recruitment tools and supporting services built organically and through strategic acquisitions:
- Zwayam Hire is an Al-powered enterprise recruitment automation platform that digitises the end-to-end recruitment process. Its API integration with the Naukri Hiring Suite extends these capabilities further, exemplifying the Companys strategy of cross-leveraging new products with established brands.
- DoSelect is a skill-assessment platform trusted by over 4,000 clients and 8,500+ HR professionals, having powered more than 10 Million assessments. With a library of 150,000+ questions, support for 25+ programming languages and 15 frameworks, and an Al-enabled proctored IDE, it enables full-stack and project-based evaluations across recruitment and L&D use cases.
- Naukri Campus focuses on preparing freshers from college campuses for their first job, with the primary objective of transitioning campus hiring activity from offline to online. It offers role exploration, aptitude tests, expert sessions and contests to help students prepare for jobs and internships across IT and other sectors.
- AmbitionBox, within the Job Search Enablement portfolio, is Indias No. 1 platform for company reviews and salary insights, with over 19 Million registered users, 40 Million+ salary contributions, 10 Million+ company reviews and 18 Lakh+ interview questions. AmbitionBox has achieved a key milestone on the employer side, surpassing 1,000 paid employers subscribing to the offerings. In FY26 it hosted with Naukri, the fifth edition of the AmbitionBox Employee Choice Awards, recognising top companies to work for based on authentic employee reviews and ratings.
Broad-Based Sector Diversification
The Companys recruitment business is well diversified across multiple sectors. While IT services continues to be a significant segment, the Companys reliance on IT services clients has moderated over the years, supported by strong growth in GCCs and other emerging sectors. GCCs contributed around 17.3% of Recruitment India B2B billings in FY26. In FY26, billings in Tech, IT Services and BPM combined grew by 8.3%, GCCs by 10.3%, Other Sectors by 8.5% and the Recruitment Consultants segment by 6.5%.
Candidate & Jobseeker Services (B2C)
This category focuses on the jobseeker side of the marketplace, deepening engagement with Naukris large existing user base through three offerings.
Naukri 360 is a comprehensive, largely self-serve do-it- yourself (DIY) career platform offering specialised services for jobseekers, including resume preparation, interview training, and a range of mock interview and practice sessions. During FY26,the Company launched a Jobseeker Agent called Neo, which enables Al-powered job discovery, real-time job alerts and auto job apply (if enabled). Since April 2024, approximately 9.8 Million Al-powered resumes have been downloaded, and approximately 4.6 Million Ailed interviews have been completed as of March 31, 2026.
Naukri 360 also carries a do-it-for-me (DIFM) layer, evolved from the original Naukri FastForward service, in which a team of professional experts handle resume writing, profile building and related jobseeker support directly, creating a more bespoke, concierge-like experience for users. The DIY products and DIFM services complement each other, and as a result Naukri FastForward is progressively being folded into Naukri 360 as a premium, expert-led tier rather than existing as an independent sub-brand.
Naukri Minis is a content platform that delivers curated, bite-sized updates on industry trends, job market insights, news and industry shifts and recruitment strategies. Naukri Minis hosts over 500,000 pieces of live content, generating 1,500 hours of daily watch time.
The Naukri B2C business recorded 18.8% billings growth in FY26 while sustaining a high-margin, profitable model, with Q4 billings up 32.9%. Paid users rose from 1.3% to 2.5% of the overall Naukri monthly active users over the last 15 months-a testimony to product adoption and value delivery. With deepening engagement, expanding monetisation levers and continued product innovation, the category is well positioned for faster growth.
NaukriGulf
Beyond India, the Company operates a Middle East-focused online hiring platform, NaukriGulf, replicating Naukris successful Indian model in the region—starting with the Indian diaspora and expanding to diverse nationalities. This business is focused on the six GCC countries, with the UAE being the key market, followed by Saudi Arabia, Qatar, Oman, Bahrain and Kuwait. It has transformed into a leading regional hiring platform. The business witnessed strong activity through most of FY26, with a moderation in March owing to the West Asia conflict. Leveraging the regions robust economic momentum, NaukriGulf delivered billings growth of 16.3% in FY26 while sustaining high operating profit margins. The business continues to deliver profitable growth, reflecting the depth and resilience of the Middle East recruitment market and providing a strong foundation for future expansion.
Job Hai
Hiring volumes in the value segment are growing rapidly across warehousing, logistics, manufacturing, delivery, retail and healthcare support, supported by sustained industrial activity and rapid urbanisation. However, the segment has distinct operating dynamics: digital penetration remains low, employers often hire urgently rather than periodically, workers typically do not maintain formal resumes, and job search is largely local. As a result, monetisation remains structurally challenging, with lower ARPUs and higher churn. While Naukri has long served entry-level and white-collar hiring, including roles below Rs.5 Lakh salaries level, Job Hai was established to specifically address this highly fragmented, underserved blue- and grey-collar market. The platform now spans over 640+ cities and 45+ job categories nationwide, with over 18 Million jobseekers across roles including customer support, data entry, delivery agents, drivers, on-field runners, sales, business development and cooks. Its monetisation model covers job postings, database access, job boost, assisted hiring and WhatsApp-based outreach, serving SMBs, enterprise clients and recruitment consultants.
Having established market leadership in Delhi NCRoverthe past two years, Job Hai is preparing to extend this model to Mumbai, Bengaluru and other major markets over the next 12 months. FY26 marked the year the business moved from early-stage validation to establishment at scale; while still relatively small, it is growing well and the Company continues to invest with a long-term orientation. Over the medium to long term, Job Hai is well positioned to benefit from the continued formalisation of Indias workforce and economy, and is expected to become a meaningful contributor to group revenue.
FY26 Business Performance
Financial Highlights
Despite a measured hiring environment during FY26, the recruitment business delivered a year of resilient growth, demonstrating the strength of its market leadership, diversified customer base and disciplined operating model. Continued investments in technology, Al and product innovation, together with broad-based customer additions and higher monetisation, enabled the business to sustain healthy growth while maintaining industry-leading profitability.
Standalone recruitment billings grew 10.0% year-on-year to Rs.23,743 Million, while revenue increased 13.8% to Rs.22,559 Million. Operating profit grew 14.4% to Rs.12,772 Million, with operating margins improving to 56.6%, reflecting the inherent operating leverage of the business. Cash generated from recruitment operations stood at Rs.15,127 Million, reinforcing the capital-light nature of the business and its ability to consistently generate strong free cash flows.
Customer Growth
The recruitment business continued to expand its client base during FY26. Average billed customers on the B2B side increased to approximately 146,000, reflecting healthy customer acquisition and deeper penetration across enterprises, recruitment consultants, GCCs and SMEs. Continued expansion across Tier II and Tier III markets, together with increasing adoption by SMEs, further strengthened the breadth of the customer franchise. The jobseeker engagement has continued to expand during FY26 as well with resume count increasing to 115 Million as of March 31, 2026.
Operating Leverage & Margin Progression
The recruitment business continued to demonstrate strong operating leverage during FY26. Operating margins expanded progressively during the year as revenue growth outpaced operating expenditure, reflecting the scalability of the platform and disciplined cost management. Recruitment margins expanded through the year, from 52.5% in Q1 to 58.5% in Q4, while the core recruitment business (excluding Job Hai) delivered an operating margin of 59.1% for the full year.
Cash Generation & Financial Strength
The recruitment business continues to generate significant surplus cash, providing the financial foundation for investments across technology, adjacent recruitment businesses and the Companys broader digital portfolio. Supported by its capital-light operating model, strong cash conversion and disciplined investment approach, the business remains well positioned to sustain profitable growth while continuing to invest behind strategic priorities including Al, premium hiring, enterprise solutions and expansion into new recruitment segments. Cash from operations have grown at a CAGR of 10.3% over the past five years to reach Rs.15,127 Million in FY26.
Strategic Priorities and Outlook
Naukris long-term growth strategy is centred on expanding its leadership across Indias recruitment ecosystem while increasing customer value through technology, Al and product innovation. The Company believes that future growth will be driven not only by increase in hiring volumes, but also by expanding its share of recruitment spending, increasing monetisation across its customer base and broadening its participation across the end-to-end hiring lifecycle. The strategy is anchored on five complementary growth pillars.
Strengthening Leadership in the Core Recruitment Franchise
The mid-market recruitment segment (compensation levels of approximately Rs.5-30 Lakh) remains the largest component of Indias organised white collar recruitment market and continues to be the foundation of the Companys business. While hiring volumes in this segment are inherently linked to broader economic conditions, the long-term opportunity remains significant as recruitment continues to become increasingly organised and digital. The Companys strategy is to deepen its leadership by expanding customer acquisition, increasing penetration among SMEs, strengthening its presence across Tier II and Tier III cities, and continuously enhancing recruiter productivity through Al-powered search, matching and talent sourcing automation. Alongside customer acquisition, increasing revenue per recruiter remains a key strategic priority. The Company continues to expand its portfolio of value-added offerings, including recruitment intelligence, employer branding, recruitment marketing, talent sourcing automation and assisted hiring solutions, to capture a larger share of recruitment spending.
Expanding Premium Hiring
Premium hiring continues to represent one of the most attractive opportunities within Indias recruitment market. Increasing demand for specialised talent across Al, data science, cybersecurity, product management and leadership roles, together with the rapid expansion of GCCs and technology-led enterprises, continues to expand this segment.
Serving this segment requires differentiated products, curated talent communities and specialised recruiter capabilities. The Company has built a multi-brand ecosystem, anchored by Naukri, iimjobs, Hirist, PremiumX and Naukri TopTier, to address leadership hiring, management talent and specialised technology recruitment across multiple customer segments. Beyond volumes, premium recruitment represents an attractive monetisation opportunity through higher-value recruiter subscriptions, premium talent access, employer branding solutions and Al-enabled recruitment services.
Al as the Next Growth Multiplier
Al is reshaping every stage of the recruitment lifecycle—from candidate discovery and matching to recruiter productivity, workflows and talent intelligence. The Company believes Al represents one of the most significant long-term opportunities to enhance customer value, strengthen competitive differentiation and expand monetisation across its recruitment ecosystem.
The Companys Al strategy extends well beyond improving productivity. By embedding Al across search, recommendations, job discovery, recruiter workflows and customer engagement, the Company is transforming Naukri from a recruitment marketplace into a comprehensive Al-enabled talent solutions platform. Al is also enabling the Company to broaden its participation across the recruitment value chain through an expanding portfolio of enterprise solutions, which deepen customer relationships, increase platform stickiness and diversify revenue streams beyond traditional recruitment subscriptions.
Backed by over a decade of investments in Al, one of Indias largest applied Al teams (over 130 data science and ML professionals), and proprietary behavioural datasets, the Company believes it is uniquely positioned to lead the next phase of Al-enabled recruitment. These investments are already translating into measurable outcomes, with productivity across multiple workflows improving by 15-20% YoY.
Deepening Jobseeker Engagement & Monetisation
Alongside strengthening its enterprise offerings, the Company continues to invest in building deeper relationships with jobseekers throughout their career journeys. Its strategy extends beyond job discovery to helping users improve employability, navigate career transitions and make better career decisions.
The Companys jobseeker ecosystem—Naukri 360, Naukri FastForward, Naukri Minis and Neo (jobseeker agent) offers services including resume enhancement, interview preparation, personalised job discovery, career guidance and curated content. As Al continues to make career services more personalised and interactive, the Company expects jobseeker engagement to become an increasingly important driver of user lifetime value, platform stickiness and long-term revenue diversification.
Scaling the Value Segment
Indias blue-and grey-collar workforce represents one of the countrys largest and fastest-growing employment segments. Increasing urbanisation, workforce formalisation and growth in logistics, manufacturing, retail, healthcare, hospitality and platform-based employment continue to expand long-term demand for organised hiring solutions. The Company is expanding its presence in the value segment beyond white-collar hiring, where Naukri already has a leading position. Its immediate priority is to strengthen Job Hais leadership in markets where it has established strong traction, while gradually expanding into additional metropolitan and large urban centres. Over the long term, continued formalisation of Indias labour market and increasing digital adoption are expected to create a significant opportunity for scalable platform-led recruitment in this segment.
Looking Ahead
The recruitment industry continues to evolve as enterprises increasingly adopt digital hiring, Al reshapes recruitment workflows and workforce mobility creates sustained demand for organised hiring solutions. Supported by market leadership, powerful network effects, trusted brands, proprietary data assets and continued investments in technology, the Company is well positioned to strengthen its competitive position, deepen customer relationships and expand its role across the recruitment value chain.
While hiring volumes may remain influenced by near-term macroeconomic conditions, the Companys strategy remains focused on capturing a larger share of Indias long-term recruitment opportunity through innovation, disciplined execution and sustained investments in technology. Together, the Companys five growth pillars position the recruitment business to sustain robust, profitable growth over the medium to long term.
Real Estate
Indias real estate sector maintained strong momentum through FY26, underpinned by a resilient domestic economy amid global uncertainty. The office market scaled new highs as GCCs deepened their India operations and demand for Grade A assets remained strong. The residential market extended its post-pandemic upcycle, supported by increasing urbanisation, rising incomes and growing buyer appetite for higher-value homes. For 99acres, FY26 was marked by disciplined execution against its multi-year strategic transformation. The business progressed from being among the top three players to gaining leadership in traffic, reflecting sustained investments in customer experience, product and technology that translated into measurable market share gains.
Residential Real Estate Segment
The Indian residential real estate market sustained its post-pandemie momentum through CY25, marking a phase of stability and underlying resilience. Housing sales across the top eight cities stood at 0.35 Million units, with second-half volumes registering the highest half-yearly level recorded since the end of 2013. Demand remained well supported by the Reserve Bank of Indias cumulative 125 basis point reduction in the repo rate since February 2025, which aided affordability, along with eased financing conditions.
Buyer interest continued to gravitate towards higher-value homes. Sales of properties priced at Rs.10 Million and above grew 14% YoY and now constitute half of total annual sales, with premium segments such as ^20-500 Million recording even sharper growth. Residential launches reached
0.36 Million units, the second-highest annual volume since 2014, as developers calibrated the pace of new supply to keep pipelines aligned with demand.
New supply remained concentrated in higher ticket sizes, reflecting the continued shift in the markets composition towards premium housing. Strong price escalation followed, with NCR, Hyderabad and Bengaluru recording price growth of 19%, 13% and 12% YoY respectively, driven largely by the strong focus on premium and high-rise residential developments.
Inventory levels are best assessed alongside sales velocity. The quarters-to-sell metric-the number of quarters required to clear existing inventory atthe trailing eight-quarter sales pace-held broadly steady at around 5.8 quarters (under eighteen months) across the eight markets, indicating that the overall market fundamentals remained healthy. Developers increasingly relied on buyer-centric measures such as flexible financing structures, subvention schemes and selective stamp duty waivers to support transaction sales momentum.
From a policy perspective, relaxations in the income tax regime and reductions in interest rates, the cash reserve ratio and GST through the year collectively improved liquidity within the financial system. Through lower borrowing costs and improved credit availability, these measures are expected to continue supporting housing demand across urban end-user segments. Entering CY26, the market has moved into a more measured, consolidation phase as sustained price appreciation tests affordability at the entry level. Even so, the long-term demand drivers remain firmly intact, and the outlook for residential real estate remains positive.
Commercial Office Segment
Indias office market concluded 2025 at a record high, with annual transaction volumes reaching 86.4 Million Sq. Ft., surpassing the record levels of 2024 and reflecting 20% YoY growth. Despite geopolitical uncertainties weighing on global business sentiment, India remained a relatively safe haven for global businesses, supported by a stable, business-friendly regulatory environment and resilient economic growth. The expanding role of GCCs, along with the recovery in third-party IT services, continued to provide strong support to office demand. Leasing volumes have consistently ramped up since 2021. In 2025, five of the eight tracked markets crossed 10 Million Sq. Ft. of transaction volumes, indicating broad-based occupier interest across key cities. H2 CY25 recorded 37.5 Million Sq. Ft. of transactions, second only to HI CY25. Three markets scaled annual highs during the year, led by Bengaluru at 28.7 Million Sq. Ft., 58% higher than its previous high in 2024, with Pune and Kolkata also scaling new annual highs.
Grade A office assets continued to dominate leasing activity, constituting 91% of transactions for the full year. Demand for high-quality office space strengthened as occupiers increasingly prioritised modern workplace design, operational efficiency and sustainability standards, supported by expansion of REIT-owned portfolios, the growing presence of GCCs, and rapid adoption of flexible workspace formats.
GCCs remained the largest occupier segment in 2025, accounting for approximately 32.6 Million Sq. Ft. of office leasing, or 38% of annual absorption. Bengaluru remained the preferred destination for GCCs, capturing 47% of total GCC leasing activity. Third-party IT service providers also re-emerged as a key demand driver, leasing approximately 17.1 Million Sq. Ft., reflecting 117% YoY growth.
This momentum continued into 2026. The office market recorded a new quarterly high of 29.9 Million Sq. Ft. in Q1 CY26, surpassing the previous quarterly peak of Q1 CY25 by 6%. Unlike the base period, when demand was heavily skewed towards Bengaluru, Q1 CY26 growth was broad-based, reflecting a more balanced expansion in leasing activity. Grade A assets accounted for 93% of total Q1 CY26 transactions. GCCs continued to be the primary demand driver, accounting for a record 14.4 Million Sq. Ft., or 48% of total leasing during the quarter.
India-facing businesses, which had seen a slowdown in 2025 with their share of total office transactions declining to 21% from 36% in 2024, showed improvement in Q1 CY26. The segment recorded 5.8 Million Sq. Ft. of leasing during the quarter, reflecting 22% YoY growth, the highest among all end-use categories.
Looking ahead, Indias office market remains supported by strong macroeconomic fundamentals, domestic demand resilience and the countrys increasing integration into global supply chains. Continued expansion of GCCs and the growing execution of higher-value and innovation-led functions from India are expected to sustain occupier demand.
Key Structural Trends
Urbanisation and Affordable Housing Demand
Indias accelerating urbanisation is expected to remain a key demand driver for the sector. With the countrys urban population projected to reach 600 Million by 2030, demand for smart housing and supporting infrastructure is expected to rise meaningfully. Over the same period, cumulative demand for affordable housing is estimated at 31.2 Million units, creating a significant opportunity for inclusive, efficient and sustainable urban development.
Premiumisation and Evolving Buyer Expectations
The residential market is witnessing a clear shift towards premium and luxury housing. High-rise living is becoming increasingly common, and branded residences are gaining traction as both global names and luxury labels enter the space, reflecting evolving buyer expectations for differentiated, experience-led offerings. This is encouraging developers to move beyond bare-shell offerings towards finished, value-added and premium-priced products.
Development Boom and Regional Diversification
A renewed development cycle is underway, with large developers acquiring sizeable land parcels and launching integrated townships, signalling confidence in long-term demand. Atthe sametime, regional boundaries are blurring as developers expand beyond their home markets, with regional brands increasingly pursuing national growth strategies and widening their footprint across the countrys major markets.
Digital Transformation of Real Estate
The Indian real estate market is undergoing a significant digital shift, with online classifieds platforms playing an increasingly central role in how property is searched for and transacted. This shift is supported by Indias expanding internet base, with active internet users exceeding one billion, creating a large digital audience for search-led and content-led property journeys. Advertising spends across the sector are expected to grow, supported by deeper user engagement, improved audience targeting and a growing reliance on online platforms for property research and discovery. The market remains highly fragmented, with millions of independent brokers and no single intermediary controlling the transaction. Unlike mature markets where resale dominates, India also has a disproportionately large new-launch and under-construction segment, supported by rapid urbanisation and a sizeable developer pipeline. Digital platforms in India therefore act primarily as discovery and lead-generation channels, with transactions largely closing offline; platform value is measured through responses and enquiries rather than completed transactions.
Technology is reshaping every layer of the property journey. Al-powered analytics and predictive pricing improve personalisation and lead management. Virtual property tours, 360-degree walkthroughs and interactive floor plans allow prospective buyers to shortlist options from home. Chatbots and Al assistants respond to common queries and support site-visit scheduling. Data analytics tools help developers and agents understand user behaviour, track campaign performance and identify customer preferences, while automation streamlines lead nurturing. For developers this means cost-effective outreach and richer data; for buyers, greater convenience, clarity and control. As a result, the gap between property seekers and sellers is narrowing, and decisions are becoming more informed. For real estate platforms, this creates a larger role across the property lifecycle. Platforms such as 99acres support discovery and lead generation across new homes, resale, rentals and commercial properties.
Business Operations
As one of Indias leading real estate platforms, 99acres connects buyers, sellers, renters, brokers and developers across residential, commercial and rental segments. Backed by sustained billings growth over the past five years at a CAGR of 21.1%, the platform made strong progress in FY26 with gains in traffic share, supply depth, response growth and revenue share. 99acres operates across two strategic business areas. The Primary Business is focused on new projects and new homes; the Secondary Business is focused on resale properties across residential and commercial segments. The platform also offers a wide range of rental listings across residential and commercial categories, including family rental homes, co-living spaces, paying guest accommodations, small to mid-sized shops and office spaces, warehouses, factory/ industrial land.
Traffic Leadership
Among online real estate players, 99acres now leads the market in web traffic time share at 51% as of March 31,2026 (as per SimilarWeb data), which is a gain of approximately 0.5-1% each month over the past 12-18 months, up from around 32%. Leadership has also broadened geographically: where 99acres was previously the leader in two or three of the large cities, it is now the leader across nearly every major city — in traffic, supply and number of customers, and increasingly in revenue as well. On mobile, the platform commands 56% of overall app traffic time share and 70% of iOS app traffic time share.
Supply and Response Momentum
Supply momentum remained strong during FY26, with over 1.3 Million total listings on the platform. In residential resale, daily fresh supply is up over 40% over two years, supply share has crossed 50% and response growth has nearly doubled over last two years. Rental and commercial segments are also seeing fast growth in response. In new projects, a market estimated at Rs.50-55 Billion for developer advertising spend, historically dominated by Meta and Google, 99acres is now making early inroads. Response growth reached 30% YoY in FY26, up from flat in FY25. The recent launch of 99Shorts in NCR in FY26 is designed to deepen engagement in this segment. 99Shorts is an Instagram-style short-video feed featuring project insights, resident reviews and curated content, aimed at improving user engagement in the new homes segment.
Content, Al and Ground Presence
The business has continued to focus on improving the user interface and providing high-quality content in well-packaged, disaggregated form. Al is a key enabler for the business across content generation, user experience, lead generation and revenue, and cost reduction. These technology-based initiatives are further supported by the most widespread on-ground sales team covering more than 45 cities. While the eight metros remain the core contributors, this wider geographic footprint is expected to support mid-to long-term business expansion.
Segment Performance
During FY26, the secondary business performed well showing strong gains in customers, supply, enquiries and revenue, while the primary business, a substantially larger market in which 99acres has recently begun making serious investments, saw relatively moderate billings. The Company remains positive on this segment and expanding 99acres presence in new projects remains a key strategic priority going forward. Across categories, 99acres continued to gain fresh supply share across both owner and broker segments.
FY26 Financial Performance
Billings recorded mid-teens YoY growth through the first three quarters of FY26. Growth moderated in Q4 due to an internal reorganisation, the benefits of which are expected to support stronger revenue growth in the coming quarters. Overall, FY26 billings grew 10.3% YoY to Rs.4,971 Million, while revenue increased 18.8% YoY to Rs.4,881 Million.
From a profitability standpoint, the business reported an operating loss of Rs.592 Million (operating margin of -12.1%) and cash losses from operations of Rs.50 Million for FY26. Management views these as part of a high-leverage platform model, where sustained gains in supply, traffic and response quality are leading indicators that typically translate into billing growth over time. As these operating improvements translate into higher revenue, the business is positioned to drive enhanced operating leverage and cash flow generation.
Strategic Priorities & Outlook
The business enters the next phase with key operating indicators moving in the right direction. Gains in supply, traffic and enquiries provide the foundation for accelerated revenue growth overtime, and given the operating leverage inherent in the platform model, revenue growth is expected to support margin improvement as the business scales and as Al makes certain operations more efficient. Expanding the platforms presence in the new projects segment remains the single most important strategic priority for the year ahead.
Matchmaking
Info Edges Two-Platform Strategy
Info Edge addresses the full spectrum of relationship-seeking users through two distinct platforms. Jeevansathi operates at the intersection of tradition and technology, having evolved from a simple listing service into a facilitator of meaningful, lasting relationships, with a relatively stronger positioning in North and West India, and the Hindi-speaking markets. Aisle, added to the portfolio in FY23 and now wholly-owned following the completion of 100% acquisition during FY26, is a high-intent, app-based platform serving the more intentional, pre-matchmaking audience—connecting Indians, at home and across the diaspora, who are looking for committed relationships rather than casual encounters.
Together, the two platforms allow the Company to serve users across life stages, from the search for companionship through Aisle to the search for a life partner through Jeevansathi. Both operate with distinct product, brand and monetisation strategies while sharing central technology, Al and data science capabilities.
Market Overview
As of 2026, Indias population stands at more than 1.4 Billion. With a median age of 29.2 years and nearly 65% of its population under the age of 35, India remains one of the worlds youngest large economies. The estimated population between the ages of 18 and 44 is pegged at around 0.6 Billion. This demographic distribution presents a significant scope of activity across the matchmaking space, from dating to matrimony. The matchmaking sector in India remains highly fragmented and unorganised, and is steeped with cultural nuances that vary widely across the countrys many communities. Matchmaking activities must therefore be differentiated and tailor-made to meet the requirements of distinct customer segments. Driven by increasing urbanisation and digitisation, and as a more independent-minded younger generation takes greater control of relationship decisions, online matchmaking platforms continue to gain traction. The Indian online matchmaking total addressable market is expanding at a robust 9-10% CAGR, though the fragmentation of the market makes a segmented, community-aware approach essential.
Online Matrimony
The online matrimony segment forms an Rs.12-14 Billion market today and is expected to grow further benefiting from greater cultural acceptance, favourable demographics with a large marriageable-age population in the 25-34 age group, and rising disposable incomes that fuel both adoption and conversion. Attitudinal shifts are also visible as younger cohorts are taking greater ownership of partner choice, and the role of parents is evolving from being the sole users to that of a co-pilot. As the segment matures, anchored by homegrown platforms, it is entering an Al-driven phase in which trust, safety, authenticity and intent-led discovery are becoming increasingly central.
Online Dating
The Indian online dating segment is expected to expand to Rs.20-25 Billion by 2030, supported by a young population, rising internet and smartphone penetration, increasing disposable incomes and evolving attitudes towards relationships. It offers strong revenue potential driven largely by premium subscriptions and in-app purchases though price sensitivity remains an important factor in monetisation. Casual-dating fatigue is becoming more visible: ~9 out of 10 urban Indians now prioritise meaningful relationships over casual encounters, and among millennials, one in three wish to marry within a year, signaling a generational pivot towards stability and commitment.
Key Trends Across the Matchmaking Space
Data-Driven and Personality-Focused Matchmaking
Al and ML enhance the accuracy of match suggestions based on user preferences and behaviour, identifying compatibility signals that are not immediately obvious through traditional filters such as horoscope, community or location. Chatbots, video and voice interaction tools, psychometric testing and hyper-local filters are making matchmaking more secure, personalised and value-driven.
Community-Led Localisation
Community-specific matchmaking platforms are gaining popularity, catering to unique cultural and social needs through tailored search filters, verification processes and matchmaking events. These platforms bridge traditional and modern matchmaking approaches and are particularly relevant across regional and language-led sub-markets.
Interactive and Inclusive Experiences
Virtual matchmaking events, including live sessions with relationship experts and match hours, are popular with younger users comfortable with digital interactions. Platforms are also broadening their reach to serve users seeking second marriages and later-life companionship, supported by dedicated counselling, verification and assisted matrimony services.
Privacy, Safety and Authenticity
Privacy and security remain critical concerns. Platforms are investing in advanced security measures such as end-to-end encryption and multi-factor authentication, alongside improved profile verification and women-centric safety features.
Business Operations
Jeevansathi
Jeevansathi continued to strengthen its freemium-led operating model, introduced in April 2022, remaining focused on improving sales conversions and ARPUs. The platform maintained its concentration on Hindi-speaking markets, where it holds a 45% profile share and is now the market leader in terms of users logged in every day. From an all-India perspective, Jeevansathi remains among the top three online matrimonial platforms. The Company continues to see growth potential in its core markets and remains focused on building a stronger position, supported by disciplined investments in user acquisition.
Aisle
The company has built a portfolio of regional dating apps for users seeking meaningful relationships in a digital-first era, including Arike for Malayali users, Anbe for Tamil users, Neetho for Telugu users and Neene for Kannada users, in addition to Aisle, the platform targeting the urban, cosmopolitan user. Arike has established clear leadership in the Malayalam dating segment and is consistently growing at 40%+ YoY. The decision to make Aisle free for women has further improved platform dynamics, leading to stronger participation and better matches. Near-term focus remains on product-led improvements to drive deeper engagement.
Technology and Al Across the Portfolio
Al is embedded across both platforms, with recommendations, matching and pricing now fully Al-driven. This has led to measurable improvements in profile acceptance rates, two-way chat frequency and overall user satisfaction. The Company is also developing new products using GenAI and data science to make the partner search process simpler, faster and more relevant. Taken together, Jeevansathi and Aisle are now operating near breakeven, reflecting consistent execution, improving monetisation and disciplined investment.
FY26 Financial Performance
The matchmaking portfolio delivered strong financial momentum in FY26. Combined billings for Jeevansathi and Aisle grew 28.7% YoY to Rs.1,817 Million, while combined revenue increased 25.9% YoY to Rs.1,765 Million. Operating losses reduced 49.7% to Rs.150 Million (from Rs.297 Million in FY25), and the portfolio achieved cash profitability for the first time, generating Rs.26 Million in cash from operations.
Jeevansathi standalone recorded billings of Rs.1,424 Million (+28.5% YoY) and revenue of Rs.1,383 Million (+25.9% YoY). Its operating loss narrowed 63.0% to Rs.44 Million (from Rs.118 Million), and cash from operations reached Rs.147 Million, up 289.6% YoY. Aisle recorded billings of Rs.392 Million, a 29.7% YoY increase.
Strategic Priorities & Outlook
Info Edges strategic focus in the matchmaking space is anchored on three priorities: improving user experience through advanced Al-led matching for specific cohorts, strengthening spam-prevention measures through targeted investments, and improving monetisation levers on both the platforms. For Jeevansathi, the primary priority is to solidify its dominant position within Flindi-speaking markets, leveraging word-of-mouth advocacy to optimise marketing efficiency overtime. For Aisle, focus remains on product-led improvements and deeper regional matchmaking, with
Arikes success in the Malayalam market highlighting the potential of language-led, community-anchored platforms.
Collectively, the two platforms allow Info Edge to serve a broad spectrum of relationship-seeking users, from serious dating to formal matrimony. The strategic mandate is to sustain high revenue growth while maintaining a disciplined investment approach that keeps the portfolio operating at or near breakeven, ultimately contributing to long-term cash flow generation.
Education
Business Overview
Info Edges education vertical, Shiksha, is Indias leading higher education guidance platform, supporting students through both domestic and study-abroad segments. Adopting a student-first approach, the platform provides comprehensive insights into careers, exams and educational institutions, and through Al-driven innovation and an improving user experience, collaborates with educational institutions to facilitate student discovery and promote relevant academic courses. The business is steadily transforming itself from an online classifieds-based information provider into a solutions provider for the Indian student community moving from school to college and higher education.
Market Overview
Indias education sector is supported by a large and growing learner base, with nearly 580 Million people inthe 5-24age group. The country hosts one of the worlds largest higher education networks, comprising over 53,000 colleges and over 1,400 universities as of February 2026. Rising aspirations, greater awareness and a stronger preference for career-focused learning continue to reshape the sector, with private players increasingly stepping up to offer specialised degrees, industry-focused programmes, online courses and internationally-aligned degree models.
Indian institutions are also partnering more actively with international brands, bringing world-class education within reach of more students. Private investment has grown alongside, and the change is clearest in digital learning: the Indian edtech market, already valued at US$7.5 Billion, is expected to grow nearly fourtimes by 2030. Technology- AI/ML, loT and blockchain-is accelerating the change, reshaping how education is delivered and experienced.
Domestic Higher Education:
Key Structural Trends
Growing Share of Private Universities and Colleges
Indias higher education sector is entering a new phase of expansion, with private universities and colleges playing an increasingly important role in capacity creation. While public institutions remain central to access and equity, private institutions are expanding faster across campuses, student intake and regional presence, supported by greater autonomy and responsiveness to market needs. This growth is being driven by rising enrolment demand, constraints on publicfunding, and the need for programmes that keep pace with a fast-changing job market, creating a widening opportunity for Shiksha to grow its footprint and counselling capabilities.
Deeper Integration of Technology into Higher Education
Al is emerging as a significant force in higher education, moving beyond computer science into curricula across design, law, business and technology, where Al literacy is increasingly a foundational skill. Al-powered learning analytics help universities track engagement, personalise learning pathways and identify academic risks early, while virtual and augmented reality make learning more immersive and e-learning platforms widen access to quality education well beyond metropolitan centres.
Skill-First Learning and Modular Credentials
Education is becoming more flexible, personalised and continuous. Employers increasingly seek graduates who can apply knowledge, solve problems and adapt to changing roles, so institutions are being assessed not only on academic delivery but on how effectively they translate learning into employability. This is accelerating the adoption of micro-credentials and modular programmes: short, industry-aligned certifications in areas such as Al, data analytics, sustainability and digital design that learners can stack into larger qualifications over time.
Study Abroad: Market Dynamics
India remains a key source market for international higher education, supported by one of the worlds largest youth populations and rising demand for global education. According to the Ministry of External Affairs, over 1.8 Million Indian students are currently studying abroad, a figure that reflects the evolving mindset of Indias youth, who increasingly look beyond borders for academic credentials, global exposure and career opportunities. Established destinations continue to anchor this movement, though each is being reshaped by shifting visa frameworks and immigration pathways. US-bound Indian student numbers are contracting sharply. After peaking in 2023, US student visa issuances to Indian nationals fell in 2024 and are projected to decline further in 2025, with peak- season issuances down nearly 70% year-on-year amid visa-interview suspensions and tighter screening. This clear reversal is reinforcing the shift towards alternative destinations. Canada, long favoured for pathways to permanent residency, saw enrolments fall 41%, from 233,532 in 2023 to 137,608 in 2024, amid stricter visa rules, higher financial requirements and diplomatictensions. The UK saw Indian study-visa grants fall 26% from 120,110 in 2023 to 88,860 in 2024, before recovering to 95,231 in 2025. The UKs prestigious universities and one-year masters programmes are continuing to draw strong interest.
The Persistent Drivers of Indian Student Mobility
Limited seats at home
Premier institutions such as the NTs, IIMs and AIIMS offer high-quality education but limited seats, channelling many qualified students towards overseas options.
Career and migration opportunities
International degrees are widely seen as gateways to global employment markets, particularly in destinations offering post-study work and permanent residency pathways.
Affordable education in Europe
As costs rise in traditional destinations, students are turning to Germany, where most public universities charge little or no tuition, while scholarships and living-cost subsidies make France and Italy increasingly appealing.
Financial support and scholarships
Universities across markets such as the UK and Australia are expanding scholarships for Indian students, easing the burden on families.
Global exposure and cultural diversity
Beyond academic learning, studying abroad offers exposure to global cultures, communication skills and international networks.
As these drivers play out against an evolving policy backdrop, Indian students are diversifying their choices with greater intent than ever. Movement towards the established Big Four—the United States, the United Kingdom, Canada and Australia—is forecast to moderate at an average of
0.5% through 2030, as students increasingly look towards Germany, Japan, South Korea, the United Arab Emirates and Ireland, which offer high-quality programmes, post-study work opportunities and stronger industry linkages. Shiksha is actively diversifying its offerings towards these emerging destinations.
Al Disruption to Search Led Discovery & Shikshas Response
The single most important development for Shiksha during FY26 was a visible decline in organic traffic, reflecting a broader industry-wide shift in how users access information online. The growing adoption of Al chatbots, alongside the rollout of Al-generated summaries on search engines, is reshaping traditional search behaviour, enabling users to receive direct answers without necessarily visiting content platforms.
This trend has a sharper impact on content-led businesses such as Shiksha, where user engagement has historically been driven by search-led discovery and information consumption. Unlike transactional platforms, where users must complete actions on-platform, education portals face greater exposure to Al-led disintermediation of informational queries. While this is a global phenomenon affecting digital publishers alike, the challenge is particularly acute for guidance platforms that monetise attention rather than transactions. Shiksha is responding through a structural pivot from a pure content and lead-generation model towards comprehensive counselling and marketing services.
This shift is aimed at deepening Shikshas role across the student decision journey, well beyond initial information gathering. Specific initiatives include strengthening domestic counselling capabilities, improving conversion from enquiries to applications, deploying Al-driven voice bots to complement the counselling effort, and building more diversified, resilient revenue streams less exposed to search-led discovery.
Business Operations
The domestic business remained profitable in FY26, supported by the continued expansion of private universities and colleges offering a wider range of courses. Despite traffic headwinds, the business maintained operational profitability.
In the study abroad segment, Shiksha encountered softness in traditional markets like the United States and Canada due to stricter visa regulations and a decline in international job prospects. In response, the business is actively diversifying its offerings toward alternative destinations, including the United Kingdom, the UAEand continental Europe, realigning its teams to align with changing student preferences.
FY26 Financial Performance
Shikshas financial performance for FY26 reflects a period of stability against a challenging traffic backdrop. Billings remained broadly flat at Rs.1,637 Million. The business continued to be profitable with operating PBT of Rs.131 Million (margin of 7.7%), and remained cash profitable, generating cash from operations of Rs.216 Million.
Strategic Priorities & Outlook
Shikshas strategic priorities for the coming year are focused on completing the pivot from information provision to a comprehensive counselling and marketing services proposition; capitalising on the sustained expansion of private universities and colleges in India; and continuing to diversify the study abroad business towards emerging destinations that better align with changing student preferences. Through these initiatives, the business aims to position itself for substantial future growth, while maintaining a focus on capital efficiency and improved cash generation.
Investments
Strategic Investments
Info Edge operates in a technology-based service offering space. This is a business domain where markets continue to evolve and there is a continuous cycle of innovation and disruption. Consequently, there is a need to regularly track external developments and take requisite actions. Broadly, these investments fulfil one of the following objectives:
• Vertical expansion (towards customer or supplier for increasing wallet share or reducing costs)
• Horizontal expansion (into new geographic markets or product lines)
• Market consolidation (to strengthen market position and operational synergies)
• Adding new capabilities to strengthen current offerings or fill a gap (technology, marketing, distribution and research and development)
At Info Edge, these investments and acquisitions are classified as strategic investments. They are made with clear objectives related to both financial returns and strategic synergy with existing business lines. The management of such investments is handled by a dedicated corporate development team, which proactively identifies opportunities, develops investment theses, executes transactions and monitors performance. The initial investment thesis is reviewed and evaluated by the Board of Directors of the Company. Only upon receiving Board approval does the Company proceed to negotiate and close the deal.
TABLE 1: STRATEGIC INVESTMENTS PORTFOLIO
| Investee Company | Prominent Domain name | Carrying value of investment as of March 31,2026 ( Rs.Mn) | Diluted and converted shareholding % (Actual) |
| Aisle Network Private Limited | https://www. aisle.co/ | 976.17 | 100.00% |
| Zwayam Digital Private Limited | https://www.zwavam.com/ | 1,404.11 | 100.00% |
| Axilly Labs Private Limited | https://doselect.com/ | 229.62 | 100.00% |
| Terralytics Analysis Private Limited | https://www.tealindia.in/ | 101.98 | 23.03% |
| Sunrise Mentors Private Limited | https://www.codinaninias.com/ | 1,202.08 | 54.64% |
| NoPaperForms Solutions Limited | https://www. meritto.com/ | 336.64 | 47.90% |
| Total | 4,250.60 |
Financial Investments
Info Edges operating business generates healthy positive cash flows, basis which the Company has expanded its focus from strategic investments in core sectors to financial investments across diverse industries. It aims to back committed entrepreneurs building technology- led solutions with the potential to scale into sustainable businesses, primarily based in India. Info Edge acts as a purely financial investor in these ventures.
The Companys financial investment portfolio is divided into two segments: (i) Financial investments directly through the Balance Sheet, or through Wholly-Owned Subsidiaries, and (ii) Financial investments through AIFs.
Info Edge participates in these businesses through varied equity structures, with the objective of supporting longterm growth and value realisation over a typical horizon of 10 years or longer. The Company maintains an arms length relationship with portfolio operations, while offering external support to helpthese businesses emerge as market leaders. Post an initial development phase that typically extends over multiple years, these ventures are expected to scale and achieve operational stability-unlocking significant value in the process, which often culminates in an IPO or a strategic acquisition. Info Edge follows a measured approach to gauge the risk-return profile of each investment while building this investment portfolio.
INVESTMENTS THROUGH BALANCE SHEET DIRECTLY AND THROUGH WHOLLY-OWNED SUBSIDIARIES
As of March 31,2026, Info Edge has active financial investments in two ventures that have successfully gone public- Eternal and PB Fintech. The total cost of investments in these two businesses stands at Rs.7,143.84 Million, and the market value of the Companys stake in these entities collectively is Rs.356,761.26 Million.
TABLE 2: FINANCIAL INVESTEE COMPANY PORTFOLIO STATUS - LISTED COMPANIES
TABLE 3: FINANCIAL INVESTEE COMPANY PORTFOLIO STATUS - UNLISTED COMPANIES
Financial Investments - Unlisted Companies
| Investee Company | Prominent Domain names | Carrying value of investment as of March 31,2026 ( Rs. Mn) | Diluted and converted shareholding % (Actual) |
| Akshamaala Solutions Private Limited | httDs://unnati.aa/ | 1,267.10 | 20.25% |
| Shop Kirana E Trading Private Limited | httD://shoDkirana.com/ | 1,271.72 | 26.14% |
| Metis Eduventures Private Limited | https://www.adda247.com/ | 1,441.88 | 25.88% |
| Llama Logisol Private Limited | httDs://shiDsv.in/ | 683.87 | 22.55% |
| Crisp Analytics Private Limited | https://lumiq.ai/ | 26.98 | 2.50% |
| Unboxrobotics Labs Private Limited | httDs://unboxrobotics.com/ | 584.31 | 9.29% |
| Attentive Al Solutions Private Limited | https://attentive.ai/ | 37.10 | 4.43% |
| Brainsight Technology Private Limited | httDs://www. brainsiahtai.com/ | 50.84 | 5.27% |
| Ray IOT Solutions Inc. | https://www.raviot.org/ | 69.01 | 12.63% |
| Skylark Drones Private Limited | httDs://sk vlarkdrones.com/ | 12.00 | 1.13% |
| String Bio Private Limited | httDs://www. strinabio.com/ | 165.00 | 0.93% |
| Sploot Private Limited | https://sploot. space/ | 139.46 | 31.90% |
| Vyuti Systems Private Limited | httDs://www.cvnlr.com/ | 102.50 | 5.06% |
| Ubifly Technologies Private Limited | https://eplane.ai/ | 128.42 | 4.06% |
| VLCC Healthcare Limited | httDs://vlcc.com/ | 537.85 | 1.24% |
| SkyServe Inc. | https://www.skvserve.ai/ | 42.06 | 5.55% |
| Nexstem India Private Limited | httDs://www. nexstem. ai/ | 85.16 | 5.00% |
| Greytip Software Private Limited | https://www.grevthr.com/ | 650.00 | 18.70% |
| Bharat Semi Systems Private Limited | httDs://bharatsemi.in/ | 260.98 | 3.69% |
| Aina computer Inc. | httDs://www. aina.com/ | 183.23 | 9.30% |
| Genoscope Private Limited | https://www.genoscope.co.in/ | 69.99 | 16.80% |
| Total | 7,809.46 |
Investments Through AIFs
Info Edge Venture Fund (Fund I)
Info Edge started investing through the AIF route in FY20, through its first fund named Info Edge Venture Fund (Fund T), a SEBI-registered Category II AIF vehicle. The first Scheme of Fund I, namely IE Venture Fund I ( lEVF-l) was capitalised with Rs.7,575 Million being invested by Info Edge with its subsidiaries and MacRitchie Investments Pte. Limited, an indirect wholly-owned subsidiary of Temasek Holdings Private Limited (Temasek). Smartweb Internet Services Limited, a wholly-owned subsidiary of the Company acts as an investment manager/sponsor to this AIF.
The investment strategy for Fund I has been to focus on early-stage investments in tech-led and tech-enabled startups, primarily operating in India. The fund looks for founders with deep customer insights that aretrying to solve unsolved problems. The ideas should be innovative/IP-led with a viable business model and moat that deepens over time. The Fund prefers to be the first institutional investor in a company, with entry cheque sizes of US$500,000- US$5 Million at pre-Seed to Series A stage. While the initial investment in a portfolio company is typically small, the philosophy is to double down on portfolio companies that are doing well. Most follow-on rounds are led by external investors, and the fund invests alongside them.
In FY22, Info Edge launched a second scheme to invest in the emerging winners from IEVF-1 with the objective of defending and increasing the shareholding in companies that were doing well and raising multiple rounds of funding from external investors. The scheme, namely IE Venture Fund Follow-on I, has been capitalised with Rs.7,560 Million being invested by Info Edge and MacRitchie Investments Pte. Limited.
Fund I has invested in 29 startups and has deployed a total of Rs.13,018.5 Million from both schemes till March 31,2026. 18 out of 29 portfolio companies have secured follow-on funding from other marquee investors. These subsequent rounds have been priced at a higher valuation than the funds entry valuation, based on significant business and operational improvements.
Some of the significant investments made through Fund I include:
Geniemode Global Private Limited (Geniemode)
Geniemode is a B2B cross-border e-commerce marketplace that enables global brands and retailers in furniture, lifestyle, fashion and other ancillary categories to source from manufacturers in India and South East Asia. This is a large market opportunity with significant inefficiencies across discovery, quality, timely delivery and payments. A technology-enabled platform like Geniemode can solve all these challenges, improve the experience for buyers/ suppliers and build a high-quality business. Their services include design, product development, manufacturing, quality control and delivery. The company works with hundreds of factories on the supply side spread across India and SEA and hundreds of global buyers based out of the US, the EU and Latin America, etc. In a short span of time, they have onboarded multiple marquee logos globally. It is a full stack e-commerce platform with end- to-end ownership of designing, manufacturing, logistics and payments while being asset light. The company has been scaling well since its investment in 2021 and has established market leadership in India. Over the next few years, the company will scale both the demand and supply side and increase dependency of the stakeholders on its platform to increase their moat.
Shiprocket Limited (Shiprocket)
Shiprocket has solidified its position as Indias dominant e-commerce enablement and logistics platform, scaling its network to trust from 4 Lakh+ merchants and brands across the country. The company is transitioning from an aggressive growth phase to path-to-profitability supported by its evolution into a full-stack software engine, where high-margin, non-shipping revenue streams such as automated checkout, predictive Al risktools, and merchant financing; now contribute a significant portion of total revenue. Highly optimised for operational leverage as digital commerce expands deeper into Tier ll-IV markets, Shiprocket has capitalised on its strong market positioning and confidentially filed its draft IPO papers with SEBI for an upcoming public market debut.
Intellihealth Solutions Private Limited (Truemeds)
Truemeds is the largest telehealth platform in the generics segment in India with a mission to democratise medicine purchases for chronic patients. Truemeds has built a proprietary algorithm to match and recommend best-value alternate brands to its customers. Truemeds monthly revenue has grown at ~60% CAGR in the past three years, serving over 6 Million customers. Truemeds customers save approximately 47% on their medicine bills and the savings can go as high as 70%. That is a life-changing number for an average Indian chronic patient. India has over 250 Million chronic patients spending between 15-20% of their income on medical bills. With 95% of medicine spent out-of-pocket, patients have an urgent need to reduce their medicine bills. This presents a large opportunity for Truemeds to become a household name for medicine purchases in India.
SYNOPSIS OF FUND I INVESTMENTS
| Investee Company | Trade Name | Description |
| Aftershoot Private Limited | AfterShoot | Al-led SaaS for photographers |
| Airblack Technologies Private Limited | Airblack | Online upskilling platform |
| Attentive Inc. | Attentive | Al-enabled SaaS for landscaping and construction |
| Bandhoo Solutions and Services Private Limited | Bandhoo | A tech solution that connects stakeholders in construction ecosystem |
| Digivriddhi Technologies Private Limited | DGV | Neobank focusing on dairy world |
| Dotpe Private Limited | DotPe | SaaS and financial services platform for SMBs and large merchants |
| Esports Holdings Inc. | FanClash | Al-enabled sports SaaS platform |
| Firsthive Tech Corporation | Firsthive | Customer data Platform (SaaS) |
| Geniemode Global Private Limited | Geniemode | B2B cross-border ecommerce platform for apparel and home |
| Le Travenues Technology Limited | Ixigo | OTA platform |
| CRISP Analytics Private Limited | Lumiq | Enterprise SaaS providing cloud-based data platform with a suite of plug-and-play products focused on BFSI sector |
| Shiprocket Limited | Shiprocket | Logistics aggregator for e-commerce players |
| Intellihealth Solutions Private Limited | Truemeds | Generics-focused e-pharmacy |
| Bluestone Jewellery and Lifestyle Limited | Bluestone | Omnichannel jewellery retailer |
| Recur Technologies Pte. Limited | Recur | Revenue-based financing for new age companies |
| Gozing Technology Private Limited | Zingbus | Indias leading inter-city asset-light bus operator |
| Qyuki Digital Media Private Limited | Qyuki | Digital creator focused platform for monetisation of influencer-led products, services and content |
| Biz Hero India Private Limited | NowPurchase | B2B e-commerce platform + SAAS for foundries to procure raw materials and optimise manufacturing |
| Onebanc Technologies Private Limited | Onebanc | Spend management for corporates |
| Polymerize Pte. Limited | Polymerize | Al enabled R&D platform for polymer industry |
| TartanHQ Solutions Private Limited | Tartan | Unified APIs for enterprises |
| Apport Software Solutions Private Limited | Quicksell | WhatsApp API based conversational commerce platform |
| Rusk Media Private Limited | Rusk Media | Full stack Gen-Z first digital entertainment company |
| Elemento Learning Technologies Private Limited | Nextleap | Upskilling platform for experienced professionals |
| Skylark Drones Private Limited | Skylark | Work site intelligence platform using drones |
| Bizcon Innovations Private Limited | Yojak | B2B e-commerce marketplace for finishing building materials |
| Odicea Distribution Technologies Private Limited | IK Retail | Hyperlocal omni-channel grocery chain |
Info Edge Capital (Fund II)
With the success of Fund I, Info Edge launched Info Edge Capital (Fund II) in FY22 with a larger fund size. The first Scheme of Fund II, namely IE Venture Investment Fund II (IEVI Fund II1) was capitalised with 2,716.25 Million being invested by Info Edge and two other investors. Smartweb Internet Services Limited, a wholly-owned subsidiary of the Company acts as an investment manager/sponsor to this AIF. The strategy in Fund II has been similar to Fund I with a focus on investing in tech-enabled startups in India. In terms of sectors, the fund has been investing across e-commerce, omnichannel retail, fintech, SaaS, Al, gaming, EV, and cybersecurity, among other sectors. So far, Rs.8,441.64 Million has been deployed across 40 startups till March 31, 2026.
Some of the significant investments made through Fund II include:
Bluestone Jewellery and Lifestyle Limited (Bluestone)
Founded in 2011, Bluestone is a fast-growing omnichannel jewellery retailer in India with a portfolio of 10,000+ designs across rings, pendants, earrings and other products. It offers private label, proprietary designed jewellery to its customers via its online application and a network of 300+ stores spread across 100+ cities in India. Bluestone also has an in-house supply chain with two manufacturing plants based across Mumbai and Jaipur. The company started as a pure play online jeweller, but began its offline stores in 2018, that with rising gold prices has given the business a tremendous boost, making it one of the fastest growing jewellers in the non-bridal jewellery segment in the country. With the rapidly growing share of organised players and casual wear segment in the overall Indian jewellery market, the business future prospects look very promising.
Farm Junction Marketing Private Limited (Tractor Junction)
Incorporated in August 2019 (platform founded in 2017), Tractor Junction is Indias largest rural vehicle marketplace and auto-fintech platform, enabling farmers to research, buy, sell, finance, and insure new and used tractors, farm equipment and rural commercial vehicles. Tractor Junction operates three complementary businesses: a digital platform that generates leads for OEMs and dealers through listings, content, pricing tools and advertising; a used-tractor commerce business that manages sourcing, inspection, quality assurance and sales through 81 company-owned outlets across 6 states; and FINJ, its fintech arm, which provides vehicle loans, insurance and allied financial products and has facilitated ~ Rs.18 Billion of disbursals in FY26.
Revenue has grown more than 7x over the past three years, with the Company operating close to break-even. In a large, fragmented and underpenetrated rural vehicle market, Tractor Junctions combination of digital demand generation, physical distribution, transaction trust and proprietary credit data provides a strong platform for longterm growth.
Gnani Innovations Private Limited (Gnani.Ai)
Incorporated in July 2016 and headquartered in Bengaluru, Gnani.ai is one of Indias largest voice Al companies — a voice-first, agentic Al platform with a full proprietary stack spanning speech recognition, voice synthesis, and autonomous agent orchestration. Its Inya VoiceOS stack includes Vachana STT, an enterprise-grade Indie speech- to-text model, and Vachana TTS, a text-to-speech system supporting voice synthesis and zero-shot voice cloning, covering 12 Indie languages and designed for large-scale deployment across government services and enterprises. Built on top of this foundational layer, the Inya.ai agentic platform enables enterprises to deploy no-code voice and chat agents for use cases spanning collections, customer service, sales, agent assist, and voice biometrics. Gnani. ai is one of four companies selected in the first phase under the India Al Mission to build sovereign foundational Al models, a recognition of both its technical depth and national strategic relevance. With enterprises rapidly shifting customer operations towards agentic Al, and Indias linguistic diversity making vernacular voice Al a large and defensible opportunity, the companys prospects look very promising.
Momentum (Urban Harvest)
Momentum (previously Organicut Fresh Private Limited) is focused on building Indias integrated HoReCa (Hotels, Restaurants & Cafes) supply infrastructure. The company owns the full stack-procurement, select processing facilities, proprietary brands, warehousing, last-mile delivery and software, and distributes a portfolio of in-house F&B brands (spanning beverages, packaged water, chocolate premix and ready-to-eat) and freshly cut vegetables. The business runs on two complementary engines: Urban Harvest, which supplies to large food service chains, institutional caterers and food manufacturers, and Deliverlt, a B2B quick-commerce platform that delivers temperature- controlled, digitally ordered supplies to 15,000+ small and medium restaurants within four hours via a network of dark warehouses across six cities. With Indias food- away-from-home share being under-penetrated and the traditional fragmented distributor rapidly eroding under the shiftto organised and technology-enabled B2B supply, the business is positioned in one of the most structurally attractive segments of Indias food economy. This has reflected in their rapid expansion, growing ~3.3x over the last year while remaining profitable.
SYNOPSIS OF FUND II (IEVI FUND II) INVESTMENTS
| Investee Company | Trade Name | Description |
| Anscer Robotics Private Limited | Anscer | Autonomous Mobile Robots (AMRs) for industry use cases |
| AppSentinel Inc. | AppSentinel | API Security Platform for enterprises |
| Ascend Bizcap Private Limited | Ascend Capital | EV Financing platform |
| Autodit Private Limited | Autodit | Helps companies get certified for various compliances |
| Gamingverse Private Limited | Avatar Life | Leading metaverseto socialise and build and play virtual games |
| Bluestone Jewellery and Lifestyle Limited | Bluestone | Omnichannel jewellery retailer |
| GoBuyEazzify India Private Limited | BuyEazzy | B2C marketplace for BPC products in Tier ll/lll + cities |
| Threefifty PPM Technologies Private Limited | Calculus Carbon | Marketplace for carbon credits |
| Chattybao Technologies Private Limited | Chattybao | Platform for enabling hyperlocal commerce |
| Clean Electric Private Limited | Clean Electric | Developer of fast-charging EV battery technology |
| Creso Technologies Private Limited | Creso | Fintech platform for mutual fund distributors |
| Metacircles Technologies Private Limited | CultureCircle | Marketplace for luxury products |
| Dview Technologies Private Limited | Dview | No code data consolidation and querying platform |
| BiznBiz Technologies Private Limited | Elchemy | B2B specialty chemicals marketplace |
| Follifusion Health Private Limited | Evoke | Chain of hair restoration clinics |
| Recreations Lab Private Limited | FunStop Games | Hybrid casual gaming studio |
| Gnani Innovations Private Limited | Gnani | Voice-first agentic Al platform |
| Growcoms Private Limited | Growcoms | B2B e-commerce marketplace for spices |
| STK Credit Private Limited | Inprime | Digital lending platform |
| Intemo Technologies Private Limited | Intemo | Vertical SaaS for freight forwarders |
| Matiks Mental Arithmetic Private Limited | Matiks | Mental maths platform |
| Mirana Innovations Private Limited | Mirana | Manufacturer of high quality and app-enabled electronic toys |
| 02B Community India Private Limited | Misfits | Community platform for hobby-based offline events |
| Momentum | Urbanharvest | Processed FnV for businesses and consumers |
| Farmjunction Marketing Private Limited | Tractor Junction | B2C marketplace for used tractors |
| Shipglobal Express Private Limited | Shipglobal | Cross-border logistics platform |
| Zilo Retail Private Limited | Zilo | Verticalised curated fashion QComm. |
| Usar Commerce Tech Private Limited | Shoppin | Multi-modal search platform for fashion discovery |
| Decentro Tech Private Limited | Decentro | B2B fintech SaaS + payments stack |
| Trusave Fintech Private Limited | Bachatt | Savings platform for the low income self-employed |
| Brance Technologies Private Limited | Brance | Al-powered travel discovery and booking platform targeted at couples |
| Superv Technologies Private Limited | Swagezy | Platform for corporate gifting |
| CogniAl Private Limited | Phot.ai | Al based creative automation platform for ecommerce sellers |
| Shorttok, Inc. | Shorttok | Al infra for video content |
| Revspot Technologies Private Limited | Revspot | Account-based sales and marketing tool for B2C companies |
| Rumik Intelligence Private Limited | Rumik Al | Sentient Al companion |
| Transitry Pte Limited | Transitry | Platform for nature-based carbon credits |
| Lacsapia Technologies Private Limited | Pascal Al | Al knowledge workers for PIPE funds |
| Lorem Ipsum Software Private Limited | Trimpixel | On-ground retail intelligence and analytics |
| Beeworks Softwares Private Limited | Beeworks/Osfin | Financial reconciliation SaaS |
Capital 2B (C2B)
Info Edge also launched a Deep Tech and IP led fund, smaller than Fund II, called Capital 2B (C2B). The first scheme of C2B, namely Capital 2B Fund I (C2B Fund I), was capitalised with Rs.6,378.13 Million being invested by Info Edge and two other investors. Smartweb Internet Services Limited, a wholly-owned subsidiary of the Company acts as an investment manager/sponsor to this AIF. A total of ~ Rs.3,122.2 Million has been deployed in 21 companies till March 31, 2026.
SYNOPSIS OF C2B FUND I INVESTMENTS
| Investee Company | Trade Name | Description |
| Ahammune Biosciences Private Limited | Ahammune | Building innovative therapeutic solutions to restore skin health |
| Beatoven Private Limited | Beatoven | Generative Al music tool for creator economy |
| Green Enabled IT Solutions Private Limited | Blubirch | Returns management platform for retailers |
| Botsync Technologies Private Limited | Botsync | Autonomous robots and factory automation |
| Ncome Tech Solutions Private Limited | Castler | Digital Escrow Platform |
| Dview Technologies Private Limited | Dview | Faster and cheaper data ingestion platform |
| Finarkein Analytics Private Limited | Finarkein | Infrastructure over ODE |
| Kloudlite Labs Private Limited | Kloudlite | SDLC environment platform for dev, test, staging and production |
| Knowl Labs Private Limited | Knowl | Voice Al for BFSI |
| Kreator 3D Printer and Solutions Private Limited | Sytolabs | 3D bio-printing |
| Fermedicius Labs Private Limited | Leumas | On-demand manufacturing provider for personal care and nutrition |
| Manastu Space Technologies Private Limited | Manastu Space | Building agile propulsion system |
| Matter Motor Works Private Limited | Matter Motors | Vertically integrated e-bikes and energy solutions |
| Neuracle Health Private Limited | Marbles Health | Headset and digital therapy app for mental-health |
| Metamorphosys Technologies Private Limited | Metamorphosys | Digital platform for insurers workflows management with GenAI capabilities |
| Pantherun Technologies Private Limited | Pantherun | IP for secure ethernet communication |
| Tangentup Labs Private Limited | Piiko | Selling CBC and biochemistry test machines to lab collection centres |
| Getclarity Fintech Services Private Limited | Supermoney | API-based, data-driven supply chain channel financing platform for brands |
| Wakefit Innovations Limited | Wakefit | Omnichannel mattresses and furniture platform |
| Stoic Al Private Limited | Rring Al | Building the Voice OS for enterprises |
| Avammune Lifesciences Private Limited | Avammune | Developing novel therapeutics for conditions with high unmet need |
KARKARDOOMA TRUST (FUND III)
To continue investing in Indias growing startup ecosystem, Info Edge launched another AIF, namely Karkardooma Trust (Fund III), which introduced a scheme called IE Venture Investment Fund III (IEVI Fund III). IEVI Fund III will continue to invest in early-stage companies across technology-led sectors, including consumer internet platforms, B2B marketplaces, SaaS products, Al and Al- enabled platforms, and emerging technologies such as robotics and cybersecurity, among others. Smartweb Internet Services Limited, a wholly-owned subsidiary of
the Company, also acts as the Investment Manager and Sponsor to Fund III.
As of March 2026, IEVI Fund III had received capital commitments of Rs.7,903 Million from internal and external investors. IEVI Fund III is also expected to receive further commitment of Rs.2,337 Million from the Company and/ or its group entities and external investors in due course, taking the total committed corpus of IEVI Fund III to Rs.11,290 Million (including sponsor commitment).
A total of Rs.1f976 Million has been deployed across 14 companies till March 31, 2026.
Some of the significant investments made through Fund III include:
CFOP Technologies Private Limited (GobbleCube)
GobbleCube is an agentic growth operating system that helps brands scale profitably across digital marketplaces. The platform delivers solutions across visibility, performance marketing, supply chain, and growth strategy, giving brands the infrastructure to navigate an increasingly distributed and hyperlocal commerce landscape.
Founded in November 2022 by the ex-core team of Blinkit, GobbleCube went live commercially in September 2024 and has since onboarded 600+ brands across enterprise and D2C including HUL, Nivea, Tata Consumer Products, ITC, Godrej, Beiersdorf, MTR, LOreal, and Hersheys. Headquartered in Gurugram, the company supports brands across India, MENA and LATAM.
SYNOPSIS OF FUND III INVESTMENTS
| Investee Company | Trade Name | Description |
| CFOP Technologies Private Limited | GobbleCube | Al-powered growth agent for consumer brands |
| Chai Shots Private Limited | Chai Shots | Regional microdrama/short-form OTT platform |
| LAT Aerospace Private Limited | LAT Aerospace | Regional air mobility |
| Vivavilla Retail Private Limited | Epik | Try and buy at home, multi-brand electronics marketplace |
| ULOOK Technologies Private Limited | Ulook | Electronic intelligence/remote sensing |
| Oppex Ai Solutions Private Limited | Oppex | Al-site reliability engineer |
| Bayostithi AI Private Limited | Biostate | ScaleAl + OpenAI for bioinformatics |
| Krisatwork Private Limited | Krisatwork | AI work companion for B2B sales teams |
| Neatlogs Private Limited | Neatlogs | AI Agent Observability |
| Climitra Carbon Private Limited | Climitra | Vertically integrated biochar producer for steel industry applications |
| Pokus Technologies Private Limited | Pokus AI | AI led personal concierge |
| Tradebook Consultancy Services Private Limited | Trackk | Trading app for GenZs |
| Temple Private Limited | Temple | Brain blood flow wearable |
| CorespherelOO Technologies Private Limited | Jurisphere | Al-led legal services |
In addition to the above-mentioned funds, Info Edge also launched to specific funds, B8 and A88 focused on growth stage and deep tech themes.
B8 Trust: Launched in FY26 to invest in growth stage technology-enabled companies in India. The investment strategy of B8 isto invest in technology-enabled businesses that have already validated their core product, built early distribution, and are on a credible path toward profitability and scale. The first scheme of B8, namely B8 Fund I, has been capitalised with Rs.2,500 Million, Smartweb Internet Services Limited, a wholly-owned subsidiary of the Company, acting as investment manager/sponsor to this AIF. B8 Fund I is yet to start on investments as of March 31, 2026.
A88 Trust: In FY26, Info Edge established a deep technology focused fund, A88, to invest in companies building at the frontier of science and engineering in India. The investment strategy of A88 is to back startups creating foundational, defensible, and commercially scalable innovations across science and engineering domains, from Pre-Seed to Series B stage. The fund prioritises ventures with breakthrough intellectual property, highly technical founding teams, and strong early proof points, with India as the primary investment geography. The first scheme of A88, namely A88 Fund I, has been capitalised with Rs.2,500 Million, Smartweb Internet Services Limited, a wholly-owned subsidiary of the Company, acts as investment manager/sponsor to this AIF. A88, Fund I is yet to start on investments as of March 31, 2026.
Financial Review
Standalone Business
The core segments, Recruitment, Real Estate, Matchmaking, and Education, drive the Companys standalone financial results. Businesses acquired or built to strengthen each segment are treated differently: some are consolidated into standalone disclosures (such as iimjobs, Hirist and AmbitionBox), while others remain accounted for as investments (such as Aisle, Zwayam and DoSelect). Table 4 provides a condensed overview of the Companys Standalone Profit and Loss Statement.
TABLE4: STANDALONE ABRIDGED PROFIT AND LOSS STATEMENT
| Particulars | FY26 | FY25 |
| Revenue from Operations | 30,520.29 | 26,536.13 |
| Network, Internet, and Other Direct Expenses | 651.53 | 531.61 |
| Employee Benefits Expenses | 11,856.17 | 10,814.76 |
| Advertising and Promotion Costs | 3,807.60 | 3,124.52 |
| Other Expenses | 1,729.22 | 1,339.73 |
| Depreciation and Amortisation | 891.20 | 801.45 |
| Finance Costs | 207.42 | 190.77 |
| Total Operating Expenses | 19,143.14 | 16,802.84 |
| Operating PBT | 11,377.15 | 9,733.29 |
| Other Income | 3,353.90 | 3,137.75 |
| Profit before Tax and Exceptional Items | 14,731.05 | 12,871.04 |
| Exceptional Items Gain | 51,675.06 | 564.07 |
| Profit Before Tax | 66,406.11 | 13,435.11 |
| Tax | 11,049.03 | 5,700.91 |
| Profit After Tax | 55,357.08 | 7,734.20 |
| Other Comprehensive Income (Net of Income Tax) | 20,071.04 | 17,288.83 |
| Total Comprehensive Income | 75,428.12 | 25,023.03 |
TABLE 5: PERFORMANCE BY SERVICE LINE: STANDALONE
| Particulars | FY26 | FY25 | YoY Growth |
| Billings | |||
| Recruitment | 23,742.96 | 21,576.51 | 10.0% |
| Real Estate | 4,970.53 | 4,507.44 | 10.3% |
| Matchmaking | 1,424.47 | 1,108.62 | 28.5% |
| Education | 1,637.34 | 1,624.07 | 0.8% |
| Total | 31,775.29 | 28,816.64 | 10.3% |
| Net Revenue | |||
| Recruitment | 22,559.44 | 19,826.18 | 13.8% |
| Real Estate | 4,880.58 | 4,107.93 | 18.8% |
| Matchmaking | 1,382.73 | 1,098.17 | 25.9% |
| Education | 1,697.54 | 1,503.86 | 12.9% |
| Total | 30,520.29 | 26,536.13 | 15.0% |
| Operating PBT | |||
| Recruitment | 12,771.84 | 11,164.01 | 14.4% |
| Real Estate | (591.59) | (475.25) | NA |
| Matchmaking | (43.85) | (118.35) | NA |
| Education | 131.42 | (5.03) | NA |
| Total* | 11,377.15 | 9,733.29 | 16.9% |
*The total operating PBT factors in unallocated expenses as well
Financial Highlights
In a challenging business environment, with diversified contributions across various verticals, Info Edge delivered strong financial performance in FY26. Key highlights of the performance are:
Revenue Growth
Revenue from Operations increased by 15.01% from f 26,536.13 Million in FY25 to Rs.30,520.29 Million in FY26. With steady improvements in the market through the course of the year and diversified segment business portfolio, revenues from the core recruitment business increased by 13.79% to Rs.22,559.44 Million in FY26. The non-recruitment business portfolio, on the other hand, continued to grow steadily by 18.64% to Rs.7,960.85 Million.
Billing Growth
Billings continued to reflect healthy growth, with total billings increasing by 10.27% to Rs.31,775.29 Million in FY26. The recruitment business grew by 10.04%, rising from Rs.21,576.51 Million in FY25 to Rs.23,742.96 Million in FY26, while the non-recruitment portfolio registered a growth of 10.94%, increasing from Rs.7,240.13 Million in FY25 to Rs.8,032.33 Million in FY26.
The steady topline growth with effective cost controls contributed to 16.89% growth in operating profits from Rs.9,733.29 Million in FY25 to Rs.11,377.15 Million in FY26. Operating PBT/revenue from operations stood at 37.28% in FY26.
Profit Before Tax (PBT)
A gain of Rs.52,001.12 Million arising from the fair value remeasurement of a non-current investment pursuant to the amalgamation between the Companys joint venture,
Makesense Technologies Limited (Makesense), and PB Fintech Limited, has been recognised under exceptional items in FY26 along with corresponding deferred tax charge of Rs.7,436.16 Million, This has contributed to a higher 615.74% growth in PAT from Rs.7,734.20 Million in FY25 to Rs.55,357.08 Million in FY26.
Total Comprehensive Income (TCI)
TCI increased from Rs.25,023.03 Million in FY26 to Rs.75,428.12 Million in FY26 mainly due to increase in PAT.
Cash Generated from Operations
Healthy growth in the business was followed by sustained growth in cash. Cash generated from operations increased by 11.51% from Rs.13,176.14 Million in FY25 to Rs.14,693.06 Million in FY26. The Companys cash balance, including wholly-owned subsidiaries stood at Rs.49,632.01 Million as of March 31, 2026.
Efficient Management of Employee Costs
Despite continued investments in human resources and an increase in employee count to 6,000, as on March 31, 2026, employee costs as a percentage of revenue from operations decreased from 40.75% in FY25 to 38.85% in FY26, reflecting improved cost efficiency.
Deferred Sales Revenue and Advance from Customers
This is recorded as liabilities in the balance sheet. Deferred revenue and advances from customers increased by 10.38% from Rs.13,589.82 Million as on March 31,2025 to Rs.14,999.90 Million as on March 31,2026 due to the subscription-based nature of a large segment of the business.
TABLE 6: KEY PERFORMANCE RATIOS
| Particulars | FY26 | FY25 | % Change |
| 1 Debtors Turnover Ratio | 86.57 | 90.05 | NA |
| 2 Inventory Turnover Ratio | NA | NA | NA |
| 3 Interest Coverage Ratio | 72.02 | 68.47 | 5.19 |
| 4 Current Ratio | 2.32 | 2.43 | -4.6% |
| 5 Debt Equity Ratio | 0.01 | 0.01 | -19.8% |
| 6 Operating Profit Margin (%) | 38.0% | 37.4% | 1.5% |
| 7 Net Profit Margin (%) | 181.4% | 29.1% | 522.3% |
| 8 Return on Net Worth (%) | 15.9% | 2.8% | 470.6% |
Notes:
7. Debtors Turnover Ratio is computed on net credit billing over average debtors. Net credit billing means total credit billing less sales return. Variance is insignificant.
2. Inventory Turnover Ratio is not applicable as the Company does not have any inventory, being a service company.
3. Interest Coverage Ratio is computed on profit before interest, tax and exceptional items over interest cost.
4. Current Ratio is calculated on current assets over current liabilities.
5. Debt-Equity Ratio is computed on total debt over total equity.
6. Operating Profit Margin is computed on profit before interest, tax, exceptional items and other income over revenue from operations.
7. Net Profit Margin is computed on net profit of the year over revenue from operations.
8. Return on Net Worth is computed on profit of the year over total equity.
TABLE 7: BALANCE SHEET: STANDALONE
| Particulars | FY26 | FY25 |
| ASSETS | ||
| Investments | 357,345.04 | 276,139.34 |
| Cash and Cash Equivalent | 36,452.33 | 35,105.59 |
| Other Operating Assets | 17,263.24 | 15,867.34 |
| Total Assets | 411,060.61 | 327,112.27 |
| LIABILITIES | ||
| Shareholders Equity | 347,472.99 | 277,013.14 |
| Other Liabilities and Provisions* | 48,587.72 | 36,509.31 |
| Deferred Sales Revenue/Customer Advances | 14,999.90 | 13,589.82 |
| Total Liabilities | 411,060.61 | 327,112.27 |
*includes Deferred Tax Liabilities
Info Edge continues to maintain a strong balance sheet, reflecting its solid financial health and prudent management practices. The Company remains debt-free, with 84.53% of its total standalone balance sheet size of Rs.411,060.61 Million as of March 31, 2026 comprised of shareholder equity, including retained earnings and investments. Current liabilities and provisions account for 11.82% of the total, while deferred sales revenue or customer advances represent 3.65%.
8.87% of the total balance sheet is maintained as cash and liquid investments. A significant portion, 86.93%, is invested in startups and early-stage businesses, either directly or through the AIFs. The remaining 4.20% of the balance sheet is allocated to other fixed and operating assets. This approach to balance sheet management ensures that Info Edge is well positioned to navigate financial risks and continue investing in growth opportunities
Consolidated Business
The standalone financials performance of Info Edge is a comprehensive indicator of the core operating business, while consolidated financial statements reflects non- operational investments with a broader objective of return on investment over a longer period of time as well. In addition to the standalone performance, the consolidated financial performance comprises additional types of investments as listed below. These are as required by applicable accounting standards such as IND AS 110 (Consolidated Financial Statements), IND AS 28 (Investment in Associates and Joint Ventures), etc.:
• The complete financial performance of wholly- owned subsidiaries.
• The complete financial performance of majority-owned subsidiaries and controlled trusts, after accounting for the portion of profit or loss attributable to minority shareholders.
The profit or loss of joint venture companies, proportional to Info Edges shareholding in them
• Gains from the increase in fair value of joint venture companies when they are acquired as subsidiaries on the acquisition date.
• Gains from the reduction of control (i.e. diluted stake) in joint venture companies, arising from the increase in enterprise value of these companies over the carrying value of such investments upon receiving external funding.
TABLE 8: ABRIDGED CONSOLIDATED PROFIT AND LOSS STATEMENT
| Particulars | FY26 | FY25 |
| Revenue from Operations | 32,847.32 | 28,495.51 |
| Employee Benefits Expenses | 13,415.00 | 12,353.41 |
| Finance Costs | 274.25 | 242.35 |
| Network, Internet and Other Direct Expenses | 926.68 | 783.01 |
| Advertising and Promotion Costs | 4,530.23 | 3,731.14 |
| Depreciation and Amortisation | 1,225.78 | 1,130.90 |
| Other Expenses | 2,253.26 | 1,780.82 |
| Total Operating Expenses | 22,626.20 | 20,021.63 |
| Share of Loss of Joint Ventures | 18.20 | (1,229.93) |
| Operating Profit before Tax | 10,240.32 | 7,243.95 |
| Other Income | 10,585.54 | 10,732.47 |
| Profit Before Tax and Exceptional Items | 20,825.86 | 17,976.42 |
| Exceptional Items Gain/(Loss) | 388.07 | 1,469.77 |
| Profit Before Tax | 21,213.93 | 19,446.19 |
| Tax | 3,585.51 | 6,347.18 |
| Profit After Tax | 17,628.42 | 13,099.01 |
| Other Comprehensive lncome/(loss) including share of JVs (Net of Tax) | 20,534.53 | 39,153.01 |
| Total Comprehensive Income | 38,162.95 | 52,252.02 |
Financial Highlights: Consolidated
• Revenue from operations increased by 15.27% to Rs.32,847.32 Million in FY26.
• Advertising and promotional expenses increased by 21.42% to Rs.4,530.23 Million in FY26, while other expenses increased by 26.53% to Rs.2,253.26 Million in FY26.
• Employee costs were also well managed, with the percentage to revenue from operations decreasing from 43.35% in FY25 to 40.84% in FY26.
• Total PBT increased by 9.09% to Rs.21,213.93 Mn from Rs.19,446.19 Million in FY25 and PAT increased from Rs.13,099.01 Million in FY25 to Rs.17,628.42 Mn.
• With adjustments on deferred tax and lower gains on share of listed investments, total comprehensive income reduced by 26.96%, from Rs.52,252.02 Million in FY25 to Rs.38,162.95 Mn in FY26.
Corporate Function
Building a Scalable, Future-Ready Enterprise
Info Edge operates as a portfolio of brands spanning multiple markets, with each business functioning independently under its own dedicated team. Underpinning this decentralised model, however, is a set of core centralised functions that serve a dual purpose, integrating the businesses within a unified corporate structure while delivering critical functional support through highly scalable shared economies of scale. These corporate functions encompass human resources management and development, facilities and administration, branding and marketing, finance and treasury, product, and backend IT infrastructure.
Human Resource
FY26 was a year of resolute organisational strengthening for Info Edge, marked by a concerted focus on capability building and future readiness. Despite a demanding macroeconomic backdrop and ongoing disruption across the technology and digital landscape, the organisation maintained its focus on developing long-term capabilities while proactively preserving stability across its teams and businesses.
Organisational Strengthening and Talent Retention
A defining feature of the year was the organisations sustained focus on retaining high-performing talent and reinforcing organisational stability. Through targeted interventions spanning performance management, leadership engagement, career development, and culture strengthening, Info Edge achieved strong retention across several core functions while ensuring continuity in critical business and digital roles. Notably, attrition remained well-controlled across key functions despite heightened market demand in specialised domains such as Al and UX, a testament to the organisations compelling talent value proposition and the depth of its employee connect.
Strategic Hiring and Al-Native Talent Acquisition
Retention, however, was only one side of the talent equation. FY26 also saw Info Edge pursue strategic and calibrated hiring, with recruitment efforts carefully aligned to evolving business needs and the demands of a rapidly shifting external environment. Focus remained squarely on building strength in critical areas such as product, sales, leadership, customer delivery, and digital functions. Equally significant was a deliberate push to bring in Al-native talent across digital and technology teams, a move that exponentially accelerated the organisations Al-first transformation journey and sharpened its readiness for the business and product opportunities that lie ahead.
Organisational Restructuring and Design Interventions
FY26 brought meaningful restructuring and organisation design interventions, particularly within the recruitment business. Naukri underwent strategic restructuring to sharpen ownership, deepen category focus, and align more closely with future business priorities. Product teams were bolstered with Al-first roles, leadership structures were strengthened across iimjobs and allied verticals, and category-focused frameworks were introduced to build specialisation and accountability. Supported by internal mobility, leadership realignment, and selective external hiring, these changes have collectively propelled organisational agility and are actively building for the future
Cultivating a High-Performance Ecosystem
A defining priority during FY26 was strengthening organisational culture and reinforcing a high-performance environment. Performance management continued to evolve with greater emphasis placed on continuous feedback, development conversations, role clarity, and organisational alignment. Leadership invested meaningfully in building managerial capability and strengthening an unyielding culture of accountability and performance. In doing so, the organisation also sharpened its ability to identify critical talent and key contributors, while gaining clearer visibility into succession and development priorities to actively build for the future.
Al and Capability Building: Powering the Future Workforce
FY26 saw capability building retain its position as a core organisational focus and a vital growth engine. Structured across multiple dimensions, leadership readiness, managerial effectiveness, Al fluency, and long-term talent development, the years interventions were strategically designed to scale the workforce for tomorrows demands.
The organisation continued to invest in managerial and leadership development through its flagship programmes, including Catalyst, Head, and Momentum. Focused on navigating complexity, driving alignment, managing change, and strengthening execution, these initiatives equipped leaders and managers with the capabilities needed to lead effectively in a rapidly evolving environment.
Al capability building took centre stage as an organisationwide focus in FY26, firmly establishing Info Edge as a future-ready enterprise. Initiatives such as Al Accelerate, Alverse, Build Your Own Agent (BYOA) workshops, and role-specific learning sessions helped leadership, sales, digital, and functional teams build meaningful fluency in Al tools, prompting, automation, and agentic Al applications. Leadership participation in Al-focused workshops and immersive learning programmes further accelerated adoption and experimentation across the organisation, ensuring that the Companys talent remains at the cutting edge of digital transformation.
Employee Engagement
Recognition and employee engagement remained key priorities in FY26, acting as vital catalysts for growth. The annual engagement survey, iSpeak 2025, reaffirmed the organisations strong culture, with high scores across inclusion, ethics, managerial support, organisational communication, and innovation. Career development and recognition continue to be areas to further strengthen.
Meaningful leadership and business partnering time investment in employee wellbeing and organisational connect through the year reinforced a formidable sense of belonging and alignment across businesses.
The Merit Awards stood out as a key highlight of the year, celebrating associates and teams across businesses breakthrough innovation, exponential impact, execution excellence, and exceptional business contribution. The programme remained a powerful reinforcement of Info Edges culture of recognition, collaboration, and high performance.
Brand Marketing & Customer Engagement
FY26 saw Info Edges brands deepen their digital resonance through culturally relevant ideas, sharper consumer insight and increasingly agile, technology-enabled marketing.
Naukri combined sharp storytelling and digital-first execution to strengthen brand salience and deliver business impact. The year began with the Appraisal Peanut campaign, which captured the realities of working professionals with wit and relatability, generating over 115 Million in reach across digital platforms. This was followed by the breakup and farewell films, launched during the IPL under the proposition, "Alls fair when you love your career." Reflecting Gen Zs unapologetic career ambition, the campaign delivered more than 420 Million impressions across Connected TV (CTV) and mobile devices.
In its second season, Hardly Working by Naukri, centred on workplace humour, garnered over 21 Million views and won a Silver Abby for Branded Content and Entertainment at the Abby Awards 2026 and won silver in ET Brand Equity Sharks Award 2026 establishing the property as a distinctive long-term brand asset. The contextual outdoor campaign Kab Tak Latke Rahoge used mirror installations inside Mumbai and Delhi Metro coaches to turn daily commutes into moments of career reflection, generating widespread organic sharing and over 25 Million in reach. Naukri Minis also launched its first on-ground activation, The Brainrot Recovery Unit, in Gurugram. The experiential property attracted more than 2,000 visitors and reached over 10 Million people, demonstrating the brands ability to create memorable offline experiences for digitally native audiences.
Naukri reinforced its thought leadership through insightful reports such as What Women Professionals Want, and The Gen Z Work Code and Al: Friend or Foe. Together, these received coverage across more than 40 publications and achieved a combined readership exceeding 1.5 Billion, stimulating conversations around the changing world of work and strengthening Naukris authority as a leading career platform.
hirist.tech deepened its position as a premium technology hiring platform by expanding its flagship Talent Bridge property from Bengaluru to Gurugram and Hyderabad. Six editions across three cities connected high-quality technology talent with leading employers. Campaigns such as Raining Tech Jobs and Tech Jobs Filtered to Perfection generated over 10 Million in reach, while insight-led outdoor communication around compensation and professional ambition strengthened engagement with Indias technology community. The platforms premium professional base grew by 50% during the year.
iimjobs.com further strengthened its position among leadership-worthy professionals and premium employers. EPOCH 3.0, its flagship case-study competition for MBA talent, achieved a record 11,200 registrations, representing 28% growth over the previous edition, 45% penetration of the addressable market and 50% year-on-year growth within Indias most competitive business-school cluster. Brand campaigns, community initiatives and thought leadership expanded the platforms audience, while X-Clause, a pilot focused on legal talent, extended the brand into an adjacent high-potential professional segment.
NaukriGulf entered FY26 with a more agile marketing model, using full-stack Al capabilities to bring brand and performance creative production in-house. This accelerated the launch of Free Job Posting, which attracted strong recruiter interest and strengthened the brands position in the regional hiring market. Marketing contributed materially to acquisitions while maintaining a return-positive performance baseline. Free Job Posting acquisition in the UAE grew ninefold year on year, driving live jobs to an all-time high. New user acquisition grew 7% despite challenging regional conditions, reflecting the continued strength of NaukriGulf among the Gulfs white- collar workforce.
Jeevansathi embraced a culturally resonant, digital-first approach to brand building, prioritising high-impact ideas that generated organic reach, earned media and active consumer participation. The Kaleera Campaign transformed Delhis Lajpat Nagar into a wedding-themed installation, with traditional kaleeras carrying witty messages that encouraged passersby to stop, engage and share. The initiative delivered over 9.5 Million in organic reach and
320,000 engagements.
A Friendship Day campaign featuring the real story of childhood classmates who reunited through Jeevansathi struck an emotional chord, reaching more than 27 Million people and earning widespread media coverage. The brand also experimented with emerging technology through Al Mumtaz, an Al-powered reinterpretation of an iconic love story, which generated over 3.6 Million in reach, 240,000 engagements and meaningful conversation around Jeevansathis modern, empathetic identity.
The brand strengthened its relevance among parents and prospective users through a multi-format content strategy. Neena Gupta and Brijendra Kala lent credibility and warmth to performance-led communication forthe parent audience. Jeevansathi also released its Modern Matchmaking Report around Valentines Day, using proprietary platform data to examine evolving attitudes towards marriage. The report received organic coverage across leading publications, including Business Standard, The Times of India and India Today, reinforcing Jeevansathis position as a credible voice in Indias changing relationship landscape.
Alongside Jeevansathi, Aisle strengthened Info Edges presence across the relationship journey through women- first product innovation and culturally relevant brand building. During its anniversary month, the brand introduced complimentary premium features for verified women users, including unlimited likes, advanced filters and greater visibility into expressions of interest. Strong adoption led to the initiative becoming a permanent product feature, reinforcing Aisles positioning around safety, intentionality and women-first dating while supporting acquisition and retention.
The flagship Better Because of Love campaign explored how meaningful relationships foster patience, emotional security, accountability and personal growth. Inspired by conversations with Aisle couples, the insight came alive through two brand films, a study of 5,868 urban singles and a community-led singles walkathon. The campaign earned organic coverage across more than 100 publications, including The Times of India, CNBC-TV18, ET Now and Hindustan Times.
Aisle also launched The Commitment Decade, a study of 3,400 urban singles examining evolving attitudes towards love and commitment. The findings highlighted a growing preference for emotional maturity, consistent effort and meaningful relationships, earning coverage across more than 60 publications. A meme-led collaboration with comedian Shreya Priyam generated 1.8 Million video views and over 8 Million in overall reach. Aisle was also recognised by Local Samosa among the Top 100 Brands to Watch Out for in 2026. Aisles regional app, Arike, also delivered two standout brand initiatives. A campaign featuring Malayalam stars Hansika Krishna and Krishnakumar generated 5 Million organic views and significant buzz in the Malayali market. The launch of the podcast IP, Thathveeka Avalokanam, further reinforced Arikes cultural relevance and community engagement.
Differentiated strategies were developed for homebuyers and broker consumer initiatives such as Azadi Ka Naya Pata built aspiration among serious home seekers, while Kya Aapne Is Broker Ko Dekha Hai Rs. improved broker visibility, trust and discoverability. Regional and micro- market-specific targeting further enabled sharper communication and improved lead quality.
The brand increased its use of Al-led asset creation, interface generation and advertising automation to improve campaign speed, scalability and performance. Dynamic creative optimisation and automated workflows enabled personalised communication based on user behaviour, inventory movement and local demand signals.
99acres also collaborated with creators who documented their real home-buying journeys across key cities, strengthening authenticity and trust in an increasingly digital-first category. Together, these initiatives enhanced the platforms quality lead-generation engine and contributed to strong growth in brand search and category traffic share across priority markets.
In FY26, 99acres strengthened its market leadership through a full-funnel strategy focused on generating high intent, quality leads across Indias key residential markets. The approach combined micro-market insights, audience segmentation and platform-led engagement to improve relevance and conversion efficiency throughout the homebuying journey.
Facilities & Administration
A major factor contributing to Info Edges success is the organised back-end pan-India facilities and administration network that supports the technology driven products. As the Company continues to become more and more technologically integrated, efforts are continuously being undertaken to manage this network more efficiently and optimise the workforce participation. Having said so, this physical presence promoting the Companys sales activities across India provides a very strong platform for deeper market penetration, especially as one moves to Tier
II and Tier III towns. Often, these are the pivots that support multiple brands and businesses in the Companys portfolio. By the end of FY26, the Companys branches increased to 113 across 75+ cities. The emphasis on spread out contact points to service the business remains but the nature has transformed with the new ways in which stakeholders have adopted to newtechnologies. In the present business environment, this network is playing an even more critical role in further expanding the reach of the Companys services into smaller towns and markets.
Data Privacy and Security
Info Edge treats data security and privacy as both a legal-ethical responsibility and a foundation of long-term trust, extending to customers, users, and investors alike. The Company is committed to safeguarding the personal and financial information of all users to the highest standards.
Key Initiatives
• Protecting customer data through encryption, access controls, and regular security audits to ensure its confidentiality, integrity, and availability.
• Ensuring user data is not shared across verticals, with each business managing its information independently under strict privacy protocols.
• Deploying state-of-the-art technologies and industry best practices to guard against unauthorised access, breaches, or misuse.
• Conducting regular vulnerability assessments and penetration testing to identify and address risks proactively.
• Running ongoing employee trainingto keep the workforce current on emerging threats, privacy regulations, and best practices.
• Maintaining a comprehensive incident response plan, with prompt, accurate communication to affected parties, including investors, on the incident, mitigation steps, and remedial measures.
• Advancing Digital Personal Data Protection (DPDP) readiness by strengthening data governance, user consent mechanisms, and privacy frameworks.
Data Security Certifications
• ISO27001 (ISMS) and ISO27701 (PIMS) certifications across multiple businesses within Info Edge, strengthening information security and privacy management practices.
• SOC 2 Type II security compliance certification for Naukri and Zwayam, demonstrating the effectiveness of security controls.
• PCI DSS compliance for Naukri and Jeevansathi, reducing payment card security risks and supporting secure handling of cardholder data.
Risk Management
Info Edge maintains a well-structured and robust risk management mechanism, including a comprehensive register listing identified risks, their impacts and associated mitigation strategies. The Companys principal risks are grouped into four categories: operational, strategic, financial, and workforce and regulatory.
Operational Risks
Data Security and Privacy
As the Company stores and processes large volumes of personal and behavioural data, it faces risks around technical failures, server breakdowns, data corruption, security breaches and the improper use or disclosure of personal information. Any such event could deter current and potential users, damage the Companys reputation, result in legal liability, invite regulatory scrutiny and materially affect the business, financial condition and results of operations. Mitigation measures include a secondary disaster recovery site in India, continuous Al/ ML- driven security monitoring, and proactive management of technology obsolescence.
If Info Edge is unable to transform existing services by leveraging Al, or if its Al and big data capabilities fail to yield satisfactory results, its online platforms may not be able to effectively match users, recommend services or scale new Al-first offerings, potentially affecting win rates, market share, revenue and profits. More broadly, as a technology-driven enterprise, the Company also faces the risk that innovation or product development could render existing propositions redundant. Mitigation includes continuous innovation, sustained investment in incubating Al-first offerings, use of Al to improve internal efficiencies, and vigilance around emerging technologies.
Network Effects and Platform Integrity
Most of the businesses in Info Edges portfolio depend on network effects: the value of a platform increases as the number of users grows. Any factor that compromises the integrity of these networks, including declining participation, quality erosion or platform disintermediation, poses a business risk. The Company continues to take steps to preserve these networks through product investment, community management and quality assurance.
User Misuse and Content Liability
The Companys users may engage in intentional or negligent misconduct on its online platforms, including fraudulent postings, spam or the posting of inappropriate content, which may damage brand image and reputation, or make Info Edge vulnerable to claims such as defamation or invasion of privacy. Continuous monitoring of web traffic, content filters and profile verification are in place to contain the quantity and quality of uploads.
Brand Value
Info Edges online business platforms are built on well-known brands with user recognition. Any negative implication for the brands, amplified by the reach of social media, poses a significant risk. The Company continues to nurture its brands and manages all related communications with discipline.
Strategic Risks
Macroeconomic and Geopolitical Risk
The Companys revenues from certain business segments are sensitive to the economic cycle. Global uncertainties — trade wars, tariff barriers, geopolitical conflict, persistent inflation and tighter financial conditions. Business diversification and a healthy balance sheet help manage this exposure.
Treasury Risk
The Company holds significant cash and cash equivalents to preserve financial flexibility. Left idle, this cash risks eroding in value, so a part is channelled into treasury investments to earn returns — exposing it to market conditions and interest rate movements. Prudent balance sheet management and a defined investment framework mitigate this risk.
Competition
All the Companys platforms face direct competition in both online and offline spaces. Info Edge continuously tracks competition across its businesses and remains prepared for competitive challenges through product innovation, brand investment and customer engagement.
Concentration in Recruitment
The Company relies heavily on the recruitment business in India for its profits and cash flows. Recruitment revenues are spread across several industry segments providing diversification. Furthermore, Info Edge has also been consciously diversifying into other businesses to de-risk itself from this dependency. The Companys other businesses now contribute 26.1% of the total standalone revenue.
Investment Portfolio Risk
The Company has an exposure of Rs.19,203.89 Million in investee startups, including listed, non-listed and strategic investments. There is a possibility that these investments may not generate returns and could absorb additional cash during incubation or early stages. Rs.7,788.21 Million of such investments made over the years have already been written off, exited or provisioned for. These are calculated risks that form part of the Companys growth strategy. Reported equity holdings in investee companies may also not translate into an equivalent economic interest, due to the terms of investment (including senior rights granted to certain investors) or ESOP-related dilution.
Strategic Acquisition and Integration
Focused investments in the operating space through strategic partners carry the risk of acquiring a business that may not align with core business offerings, values or principles. The Company also assumes potential liabilities arising from past-period regulatory non-compliance by acquired businesses. Existing orfuture alliances, long-term investments and acquisitions may materially affect the Companys business, reputation and results of operations. This is managed through disciplined diligence and regular strategic interventions.
Intellectual Property & Digital Asset Risks
The Company may be unable to adequately protect its intellectual property, which could reduce its competitiveness, and third-party infringements may adversely affect the business. The Company protects its trademarks against infringement or passing-off by third parties, while remaining exposed to the risk that third parties will use its marks; litigation is time- and resource-intensive and may be ongoing. Separately, Info Edges businesses rely on specific registered domains under its brands, and there are risks associated with continued ownership and renewal of these domains. Both are continuously monitored.
Financial Risks
Tax
The Company has faced certain income tax and service tax cases which, if lost, may affect future cash flows. None of these is considered material.
ERP and Financial Systems
To improve efficiency, the Company has implemented ERP across its operations. Any errors in billing or financial reports arising from the ERP system could affect billing accuracy and statutory reporting. Continuous system reviews and internal controls are in place.
Capital Availability
Given the current phase of the expansion strategy, the Company may need additional capital and could face challenges obtaining it in a timely manner or on acceptable terms. To date, investments have been managed while retaining a significant portion of assets in cash and cash equivalents to preserve financial flexibility.
Workforce & Regulatory Risks
Regulatory Environment
The Company operates in an evolving regulatory environment, where the government continues to consider regulation of various facets of online businesses. Many such regulations are at different levels of deliberation and could significantly impactthe Companys product offerings and services.
Privacy Regulation
Changes in privacy laws may impact the Companys ability to collect, process or share personal data on its platforms. The Company typically seeks users prior consent before sharing such data; even so, the evolving legal landscape requires continuous monitoring.
Talent Attrition and Key-Person Risk
The Companys business depends substantially on the continuing efforts of its executive officers and other key employees. Loss of key talent, or ineffective succession planning, could materially affect operations and growth prospects. Being a knowledge-driven business, an increase in general attrition may also affect the course of the business. The Company mitigates through succession planning, competitive compensation, disciplined process design and preservation of institutional knowledge across teams.
Internal Controls &
Their Adequacy
Info Edge has an adequate system of internal controls to ensure that all assets are safeguarded against loss from unauthorised use or disposition and that those transactions are authorised, recorded, and reported correctly. Internal controls are supplemented by an extensive programme of internal audits, management and Audit Committee reviews, and documented policies, guidelines and procedures. The internal control system is designed to ensure that financial and other records are reliable for preparing financial information and other data and for maintaining accountability of assets. The Company has adopted the Compliance Dashboard to monitor compliance with applicable laws and the Mylnsider tool to strengthen controls over Insider Trading Regulations.
Cautionary Statement
Statements in this Management Discussion and Analysis Report describing the Companys objectives, projections, estimates, and expectations may be forward-looking statements within the meaning of applicable laws and regulations. Actual results might differ substantially or materially from those expressed or implied. Important developments that could affect the Companys operations include a downtrend in the Indian online sector, advertising spends, new disruptive technologies or business models, significant changes in the political and economic environment in India, exchange rate fluctuations, tax laws, litigation, labour relations, and interest costs.
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