ⓘ Info Edge founder Sanjeev Bikhchandani; image credits: Forbes India
The parent entity of India’s leading job portal Naukri.com today made the announcement of the launch of its INR 100 crore VC fund under the name Info Edge Venture Fund (IEVF) to help tech startups in India.
The fund is a SEBI-registered Category-II alternative investment fund which will invest in tech companies that leverage technology to create innovative products and services paving towards economic development.
As reported by the Economic Times, Info Edge has also stated in its filing that it had entered into a “contribution agreement” to invest about Rs 100 crore into the new fund. The company hasn’t shared any information regarding the expansion of the fund size or the onboarding of external investors yet.
Info Edge has over 50 startups in its portfolio across B2B and B2C segments including the unicorns Zomato and PolicyBazaar. This maiden VC fund will indeed accelerate the investment vehicle of the company.
Apart from Naukri.com, Info Edge also owns Jeevansathi.com, 99acres.com and Shiksha.com; operating through 70 offices in India and overseas including Dubai, Riyadh, Abu Dhabi and Bahrain in the Middle East.
In the financial year ending March 2019, Info Edge has generated net revenue of INR 1,150.9 crore from its operations, with a total expenditure of INR 861.4 crore. The net profit comes out to be as INR 592.2 crore.