New Delhi, March 27 -- Info Edge (India) Ltd, a backer of new-age companies such as Zomato parent Eternal Ltd and Policybazaar parent PB Fintech Ltd, has approved a fresh commitment to its new early-stage investment fund.
The Noida, Uttar Pradesh-based company has committed up to Rs 250 crore ($26.3 million) in A88 Fund I, a newly launched alternative investment fund that aims to invest in early-stage deeptech companies.
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, Info Edge said Friday.
The company didn't disclose the total target corpus of the fund. It also didn't specify whether the fund will raise capital from other investors.
The development comes a month after Info Edge committed a similar amount to B8 Fund I, a newly launched fund to back growth-stage technology ventures in India or businesses primarily focused on India.
The company, which is the owner of jobs site Naukri.com, real estate portal 99acres.com and matrimonial website Jeevansathi.com, said that the new fund aligns with its broader approach of making external financial investments aimed at medium to long-term value creation. Info Edge has built a track record of backing internet and technology-driven businesses alongside operating its own platforms over the years.
Info Edge had also 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, earlier this year.
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.