Info Edge to invest ₹250cr in deep-tech fund
What's the story
Info Edge (India) Ltd, an early investor in Zomato, has announced a major investment in a deep-tech-focused alternative investment fund (AIF). The company will invest up to ₹250 crore in the A88 Fund I scheme launched by SEBI-registered A88 Trust. The move is part of Info Edge's strategy to support early-stage deep-tech companies in India and generate long-term growth for its contributors.
Fund management
Smartweb named A88 Fund I sponsor-manager
Info Edge's wholly-owned subsidiary, Smartweb Internet Services Ltd, will be the sponsor and investment manager for the A88 Fund I scheme. The fund aims to support early-stage deep-tech startups in India and bolster the Indian entrepreneurial ecosystem. This investment comes after Info Edge's launch of a new growth-stage investment fund with a capital commitment of ₹250 crore earlier this year.
Stake sale
Info Edge exits Shopkirana for $32.97 million
In a separate development, Info Edge has decided to exit its associate company, Shopkirana E Trading Pvt Ltd. The exit will be through a share-swap agreement with Singapore-based Trustroot Internet Pvt Ltd (TIPL). Under the agreement, Info Edge's subsidiary Startup Investments (Holding) Limited will transfer its entire 26.14% stake in Shopkirana to TIPL for $32.97 million.
Share exchange
Info Edge gains 2.021% TIPL stake
In full settlement of the stake transfer, TIPL will issue 1,04,868 preference shares to Startup Investments (Holding) Limited. This will give Info Edge a 2.021% stake in the Singaporean firm. Along with the share swap deal, Startup Investments (Holding) Limited will also make a primary capital infusion of $1.72 million into TIPL for an additional 5,484 preference shares.