Info Edge to invest Rs 80 cr in Metis Eduventures

21 Sep 2022 , 03:39 PM

Adda247 is engaged in the business of delivering educational services and assistance to students preparing for examinations through software technology platforms (both web and mobile application) and is additionally engaged in delivering educational services through offline classroom based methodology. The companys turnover stood at Rs 64 crore in the financial year ended 30 March 2022. Info Edge said that this follow on investment is in furtherance of companys investment strategy, which includes making external financial investments that are focused on value creation in the medium to long term. The company has agreed to acquire 14,088 Series B – compulsorily convertible preference shares having face value of Rs 5 each as primary acquisition of shares. The aggregate shareholding of the company, post this investment, in the said entity would be 23.01% on a fully converted & diluted basis. Info Edge (India) is among the leading internet companies in India. The company runs leading internet businesses viz. Naukri.com, Jeevansathi.com, 99acres.com and Shiksha.com. The company also owns Quadrangle and Naukri Gulf. It has made significant strategic investments such as zomato.com, policybazaar.com and happily unmarried.com etc. The companys standalone net profit jumped 47% to Rs 148.43 crore on a 58.8% increase in net sales to Rs 507.66 crore in Q1 FY23 over Q1 FY22. Shares of Info Edge (India) were up 0.20% to Rs 4,069.80 on the BSE. Powered by Capital Market – Live News