Ways2Capital Reviews : Info Edge Surges Over 6%

Naukri.com owner Info Edge has gained over 6% on the back of the announcement that it plans to invest in Etechaces Marketing and Consulting, parent company of PolicyBazaar.

The online insurance start-up PolicyBazaar is raising over $200mn in a fresh round of funding, pushing the company’s valuation to $1bn, and offering it an entry into the coveted Unicorn club.

In a BSE filing, Info Edge stated that it has signed an agreement with Japanese multinational holding conglomerate SoftBank to jointly invest $90mn in PolicyBazaar, for an 8.93% stake on a fully diluted basis.

This investment is being carried out through Diphda Internet Services, a wholly owned subsidiary of Info Edge. So, SoftBank will invest $45mn for a 49.99% stake, while Info Edge will invest the same amount for a 50.01% stake.

PolicyBazaar hosts over 100mn visitors yearly and has nearly 300,000 transactions a month. This Gurgaon-based start-up allows buyers to compare and choose insurance policies.

Info Edge India is the leading provider of online recruitment (naukri.com), matrimonial (jeevansathi), real estate (99Acres) and education classifieds (Siksha) in India. It will holds ~30% stake in Zomato.com (online restaurant discovery) post primary and secondary deals ($200mn) with Alibaba. It has posted revenue CAGR of ~15% over FY15-18.


The company is currently trading at Rs1,251.35 up by Rs75.75 or 6.44% from its previous closing of Rs1,175.60 on the BSE.

The scrip opened at Rs1,184 and has touched a high and low of Rs1,288.35 and Rs1,184 respectively. So far 2,36,250 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs14,332.46cr.
 
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About Bhoomi Desai

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