Info Edge (India) Ltd. has announced an investment of ₹3 crore in its step-down wholly-owned subsidiary, NewInc Internet Services Pvt. Ltd. The decision was made during the Committee of Executive Directors meeting held on November 19, 2024.
Investment Details:
- Entity: NewInc Internet Services Pvt. Ltd.
- Investment Amount: ₹3 crore
- Purpose: To meet working capital requirements and support general corporate purposes of NewInc
- Instrument: Acquisition of 3,00,000 Compulsorily Convertible Debentures (CCDs) with a face value of ₹100 each
NewInc, incorporated on December 27, 2016, specializes in providing various internet, computer, and electronic data processing services. Despite reporting a net loss of ₹5.57 crore for the fiscal year ending March 31, 2024, the company is poised for growth with this new infusion of capital.
This strategic investment aligns with Info Edge’s commitment to strengthening its subsidiaries and expanding its footprint in the digital services sector. The transaction is conducted on an arm’s length basis, ensuring transparency and adherence to corporate governance standards.
The completion of this investment is expected within 30 days from the date of approval. Stakeholders anticipate that this move will bolster NewInc’s operational capabilities and contribute positively to Info Edge’s consolidated performance in the coming quarters.
