Info Edge India Ltd to invest in Truemeds

Info Edge India Ltd has announced that IE Venture Fund I has entered into an agreement to invest about Rs.3.70 Crore in Intellihealth Solutions Private Limited ("Truemeds").

Truemeds is a Tele-health platform focused on selling top company Traded Generics / substitute medicines to consumers. Its telemedicine platform of doctors advises consumers about substitute medicines (offered by top pharma companies but at much cheaper costs) which could significantly reduce cost of their medical bills.

The IE Venture Fund I has agreed to acquire 24,980 - 0.01% Series Seed Compulsorily Convertible Preference Shares having Face value of Rs.10/- each at a premium of Rs.1,468.79/-. The aggregate shareholding of IE Venture Fund I, post this investment, in Truemeds would be 17.80% on a fully converted & diluted basis.

Shares of INFO EDGE (INDIA) LTD. was last trading in BSE at Rs.2451.2 as compared to the previous close of Rs. 2401.4. The total number of shares traded during the day was 7969 in over 1095 trades.

The stock hit an intraday high of Rs. 2489.9 and intraday low of 2410.8. The net turnover during the day was Rs. 19524672.

Source : Equity Bulls

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