Info Edge India Ltd., the parent company of Naukri and 99Acres, has sold direct-to-consumer brand Happily Unmarried to VLCC Healthcare Limited.

According to Info Edge’s disclosure, the cash-and-share deal sale is worth INR610 million ($7.4 million U.S.).

In 2016, Info Edge spent around $600,000 to increase its stake in Happily Unmarried to about 64%. Happily Unmarried, which sells what it describes as creative and quirky products for households, has failed to gain traction in its niche. According to Info Edge, the brand’s net worth was a mere $2,261 as of March 31, 2023.

Headquartered in Noida in the state of Uttar Pradesh, Info Edge posted standalone revenue of $261 million U.S. in the 12 months to March 2023. However, the impairment of investments in wholly-owned subsidiary 4B Networks cost the company $34.7 million, shrinking its profit after tax to $49.8 million. Info Edge cited excessive cash burn, funding uncertainty and liquidity issues as the factors behind the impairment. The company has commissioned Deloitte to conduct a forensic audit of 4B Networks.

Info Edge owns and operates several digital businesses in India and abroad. The company has more than 4,500 employees in 66 offices across 45 cities in India and the Middle East. It recently invested $2.4 million in software development startup RedStart Labs.

 

 

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