Info Edge to invest ₹250cr in deep-tech fund

Info Edge to invest ₹250cr in deep-tech fund

Info Edge (India) Ltd, an early investor in Zomato, has announced a major investment in a deep-tech-focused alternative investment fund (AIF).

The company will invest up to ₹250 crore in the A88 Fund I scheme launched by SEBI-registered A88 Trust.

The move is part of Info Edge's strategy to support early-stage deep-tech companies in India and generate long-term growth for its contributors.

Smartweb named A88 Fund I sponsor-manager

Info Edge's wholly-owned subsidiary, Smartweb Internet Services Ltd, will be the sponsor and investment manager for the A88 Fund I scheme.

The fund aims to support early-stage deep-tech startups in India and bolster the Indian entrepreneurial ecosystem.

This investment comes after Info Edge's launch of a new growth-stage investment fund with a capital commitment of ₹250 crore earlier this year.

Info Edge exits Shopkirana for $32.97 million

In a separate development, Info Edge has decided to exit its associate company, Shopkirana E Trading Pvt Ltd.

The exit will be through a share-swap agreement with Singapore-based Trustroot Internet Pvt Ltd (TIPL).

Under the agreement, Info Edge's subsidiary Startup Investments (Holding) Limited will transfer its entire 26.14% stake in Shopkirana to TIPL for $32.97 million.

Info Edge gains 2.021% TIPL stake

In full settlement of the stake transfer, TIPL will issue 1,04,868 preference shares to Startup Investments (Holding) Limited. This will give Info Edge a 2.021% stake in the Singaporean firm.

Along with the share swap deal, Startup Investments (Holding) Limited will also make a primary capital infusion of $1.72 million into TIPL for an additional 5,484 preference shares.