Info Edge (India) has invested an amount of about Rs 7 crore in 4B Networks through its wholly-owned subsidiary. 4B is engaged in the business of enabling real estate developers and brokers to communicate with each other and conduct their business via the Broker Network Platform. It helps Brokers conduct site visits and provide home loan related services to their clients.
The company already holds 12.3% stake in 4B on a fully diluted and converted basis. Accordingly, it is treated as a Joint Venture Company in accordance with applicable Accounting Standards and hence thus falls in the category of a related party as on the date of making this investment. As part of Company's strategic investments, the investment would help the Company to strengthen its offering in the real estate segment by providing a new platform to real estate industry professionals to conduct their business efficiently. The Company has agreed to acquire additional 1,358 Compulsorily Convertible Preference Shares (CCPS) to increase its shareholding in 4B from 12.3% to 19.9% on a fully diluted and on as converted basis.
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.
