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Info Edge India Ltd updates on investment in Etechaces

Posted On: 2019-04-15 21:10:50

Info Edge India Ltd had earlier announced about the agreement entered into by the Company, subject to requisite regulatory & other approvals including that of Foreign Investment Facilitation Portal (FIFP), as may be applicable, with SVF India Holdings (Cayman) Limited ("Soft Bank"), whereby it was proposed to jointly invest by the Company & Soft Bank, through a subsidiary i.e. Diphda Internet Services Ltd. ("Diphda"), an amount equivalent to about USO 90Mn. in Etechaces Marketing & Consulting Pvt. Ltd. ("Etechaces").

FIFP has suggested the parties to submit the application with certain revisions. Diphda would be making a fresh application in this regard for seeking FIFP approval in connection with amount proposed to be invested by Soft Bank, through Diphda, in Etechaces.

Meanwhile, the Company has invested a sum of INR 344,63,17,440 (approx. USO SOMn.) through its currently wholly owned subsidiary Diphda and further sum of INR 68,95,37,295 (approx. USD 10Mn.) through wholly owned subsidiary Startup Investment (Holdings) Ltd. in Etechaces.

Etechaces Marketing & Consulting Pvt. Ltd. is a fintech and marketing company which works extensively in the financial sector (insurance and non-insurance) and offers an on line marketplace for insurance products under the name & style of and for other financial products like loans and credit cards under the name & style of During the FY 2017-2018, Etechaces recorded consolidated net sales of Rs.3339.3 Mn.

Shares of INFO EDGE (INDIA) LTD. was last trading in BSE at Rs.1954 as compared to the previous close of Rs. 1891. The total number of shares traded during the day was 2298 in over 316 trades.

The stock hit an intraday high of Rs. 1960 and intraday low of 1901.75. The net turnover during the day was Rs. 4432394.

Source: Equity Bulls

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