Info Edge (India) advanced 2.34% to Rs 4,367.25 after the company agreed to invest Rs 7.5 crore in Happily Unmarried Marketing, through its wholly-owned subsidiary.
The company said that this acquisition is its strategic investment that would help the company to consolidate its position into the said line of business within the internet services industry.Happily Unmarried is an associate company of Info Edge (India). The aggregate shareholding of the company, post this investment together with previous investments, in the said entity would be 30.57% on a fully converted and diluted basis for a consideration of Rs 7.5 crore.
Happily Unmarried is engaged in the business of personal care, under the brand 'Ustraa' and 'HU Girls' and any other brand which the company may launch in the future and excludes the existing home accessory businesses conducted under the brand 'Happily Unmarried'. The company's turnover stood at Rs 67.81 crore in the financial year ended 30 March 2022.
Info Edge (India) is among the leading internet companies in India. The company runs leading internet businesses viz. Naukri.com, Jeevansathi.com, 99acres.com and Shiksha.com. The company also owns Quadrangle and Naukri Gulf. It has made significant strategic investments such as zomato.com, policybazaar.com and happily unmarried.com etc.
The company's standalone net profit jumped 47% to Rs 148.43 crore on a 58.8% increase in net sales to Rs 507.66 crore in Q1 FY23 over Q1 FY22.
Powered by Capital Market - Live News