Info Edge (India) on Wednesday announced that it entered into an agreement to invest about Rs 30 crore in Greytip Software Private Limited.
Info Edge (India) agreed to acquire 3,58,581 Series D Compulsorily Convertible Debentures (CCDs) having face value of Rs 836.631 per Series D CCD. The aggregate shareholding of the company, post investment, would be 28.73% on a fully converted & diluted basis.Since GreytHR is an associate company of the Info Edge, it is a related party transcation. The investment would help the Info Edge in creating financial value as well as increasing its presence in a business adjacent to one of its core operating businesses.
Greytip Software is a HR and Payroll SaaS company focused on serving SME customers in India and abroad. Its software solutions cover all areas, including employee information management, leave and attendance management, payroll, expense claims, and more. It helps companies in streamlining HR operations and enhancing employee experience, thereby increasing productivity.
As of 31 March 2021, the company had a turnover of Rs 41.34 crore.
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 reported an exceptionally higher standalone net profit of Rs 8,355.72 crore in Q2 FY22 as against a standalone net profit of Rs 51.15 crore in Q2 FY21. Info Edge's net sales stood at Rs 351.7 crore in Q2 FY22, rising by 37.3% over Q2 FY21.
Shares of Info Edge were trading 0.32% lower at Rs 5,979.90 on BSE.
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