Info Edge invests Rs 90 crore in Rahul Yadav-run 4B Networks
The publicly listed company first invested in the broker network platform in December 2021.
owner has invested Rs 90 crore in broker network platform, 4B Networks founded by former CEO, Rahul Yadav. The investment was made through Info Edge subsidiary Allcheckdeals (ACD) India on Thursday, according to exchange filings.
Info Edge in turn invested Rs 100 crore in its fully-owned subsidiary ACD which is involved in the business of brokerage services in the real estate sector. According to the filings, the investment was done to “...strengthen the ACD financially in order for it to pursue its strategy of developing services with the use of technology and innovative business models in the large sized and rapidly growing real estate vertical through organic or inorganic channels.”
Info Edge had first bought stakes in 4B Networks back in December, 2021. In March this year, Info Edge invested Rs 137.12 crore to buy a majority stake in the company, making it a step-down subsidiary of ACD.
According to the filings, 4B Networks incorporated in November 2020 registered a turnover of Rs 17.92 crore for the financial year 2021-22. The startup enables real-estate developers and brokers to communicate with each other through its platform, allowing brokers to conduct site visits and offering home loan related services to their clients.
Info Edge operates multiple business verticals including recruiting platform Naukri, educational classifieds business Shiksha, real-estate classified business 99acres and matrimonial business Jeevansathi.
In its Q1 results announced earlier this month, Info Edge reported that 99acres had billed Rs 61.1 crore for the quarter with a growth of 173% over the year-ago period. The vertical reported an EBITDA loss of Rs 35 crore. Overall the company’s revenue grew by 68% to Rs 387 crore for Q1 of FY 2023.
Edited by Akanksha Sarma
