Info Edge’s IE Venture Fund I to invest Rs 47.3 crore in Bulbulive Shopping Network

29 Jul 2020 Evaluate

Info Edge’s IE Venture Fund I has entered into agreements to invest about $6.33 million (about Rs 47.3 crore) in Bulbulive Shopping Network (Bulbul). Bulbul is a video and livestream-led commerce platform that aims to make online shopping engaging and social while offering consumers the opportunity to discover new products. The said investment would help IE Venture Fund I to support and grow Bulbul business in India.

The IE Venture Fund I has acquired/agreed to acquire 416 ordinary shares and 2002 series A1 compulsorily redeemable convertible preferred shares, through a mix of primary and secondary mode of acquisition. Upon successful closing of the said acquisition of shares, the aggregate shareholding of the company in the said entity would be around 17.82 percent on fully converted and diluted basis. This is part of a larger round of about $8.7 million with existing investors contributing the balance amount.

Info Edge (India) owns one of the leading job portals naukri.com. The company is a leading provider of various portals related to online recruitment, matrimonial, real estate and education classifieds and related services in India.

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