According to Info Edge’s disclosure to Indian bourses, the company has approved the $2.3 million investment through its wholly-owned subsidiary for 4,245 additional shares in 4B Networks Private Limited. Info Edge India Ltd. already held a 19.9% stake in 4B Networks, having invested $1.3 million for 1,747 compulsorily convertible preference shares (CCPS) in February.
Following the new investment, Info Edge’s shareholding in 4B Networks will increase to 37%. According to the company, 4B Networks enables real estate developers and brokers to communicate with each other and conduct business transparently via its Broker Network Platform. It helps brokers conduct site visits and provide home loan-related services to their clients.
“The new investment will help the company strengthen its offerings in the real estate segment, by providing a new platform for real estate industry professionals to conduct their business efficiently,” Info Edge stated in the disclosure. Previously, CFO Chintan Thakkar said the company is looking for investment opportunities that can complement Info Edge’s operations, particularly recruitment and real estate, and help create a synergetic ecosystem for its businesses.
The group’s recruitment business Naukri.com adopted the same strategy and acquired DoSelect, a talent acquisition and skill assessment site, and Zwayam, an AI and ML-powered recruitment management software platform. Investment into 4B Networks comes on the back of a successful Q1, FY21-22, which saw Info Edge grow its revenues, billings and profits. Real estate business 99Acres saw its billings grow 59.6% in the said period.
Headquartered in Noida, Info Edge owns and operates several digital businesses in India and abroad. The company has over 4,500 employees working out of 80 offices in 47 cities across India and the Middle East.