New Delhi, Feb. 26 -- Info Edge (India) Ltd, a backer of new-age companies such as Eternal which operates food and delivery platform Zomato and quick commerce platform BlinkIt, as well as PB Fintech, parent of Policybazaar and Paisabazaar, has approved a fresh commitment to its new growth-stage investment fund.
The Noida-based company has committed up to Rs 250 crore (around $27.5 million) in B8 Fund I, a newly launched category II alternative investment fund (AIF), marking a fresh push in its strategy of backing growth-stage technology ventures.
The investment may be routed directly or through wholly owned subsidiaries, including Smartweb Internet Services Ltd, which will act as the sponsor and investment manager of the fund.
The company, which is the owner of jobs site Naukri.com, real estate portal 99acres.com and matrimonial website Jeevansathi.com, clarified that the transaction will be executed on an arm's length basis. It also stated that promoters and promoter group entities hold no interest in the investment.
B8 Fund I has been set up to invest in growth-stage, tech-enabled companies in India or businesses primarily focused on India. The objective is to generate long-term growth for contributors while supporting the domestic entrepreneurial ecosystem.
The investment aligns with Info Edge's broader approach of making external financial investments aimed at medium to long term value creation. Over the years, the company has built a track record of backing internet and technology-driven businesses alongside operating its own platforms.
Meanwhile, early this year, Info Edge committed up to Rs 1,000 crore for the IE Venture Investment Fund III, the third fund under the IE series, which is managed by its subsidiary Smartweb Internet Services Ltd.
The previous two funds under the IE series were also backed by Singapore's state-government-backed investor Temasek. Info Edge also operates VC fund Capital 2B in partnership with Temasek.
Through these vehicles, Info Edge has invested in several firms, including privately held companies such as Bijnis, Shipsy, Gramophone, Shopkirana, and Adda247.
Published by HT Digital Content Services with permission from VC Circle.