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In yet another sensational story of another Indian founder taking his startup for a joyride, Broker Network (operated by 4B <keyword id="50752" type="General" weightage="80" keywordseo="networks" source="Orion">Networks</keyword>) founder <keyword id="536283" type="General" weightage="50" keywordseo="rahul-yadav" source="Orion">Rahul Yadav</keyword> reportedly maintained a luxurious lifestyle such as owning a Mercedes-Maybach and hired a boardroom at the Taj Land's End for Rs 80,000 per day, as employees were left unpaid for months. According to a report in leading startup news portal Inc42, Broker Network burnt over Rs 280 crore in less than 18 months, while over 150 employees have not been paid since November last year. "Yadav turned to his long-time employees to borrow personal loans to pay employee salaries. One such top-level employee lent close to Rs 50 lakh to Yadav. He has filed a criminal complaint against Yadav," the report noted, citing sources. Other employees were also asked to take "advance salary" loans and transfer the amount to Yadav. Employees alleged that all through this, Yadav maintained a luxurious lifestyle. "Yadav told us luxuries such as his Maybach came from his earnings at Anarock," and he was "also looking to buy a Bentley," one employee was quoted as saying. Yadav, who foundedAHousing.com has denied all allegations related to any wrongdoing at the company, according to the report. Allcheckdeals India Private Limited (AIPL), a wholly-owned subsidiary of <keyword id="80004" type="General" weightage="50" keywordseo="info-edge" source="Orion">Info Edge</keyword>, invested Rs 276 crore in Yadav's 4B Networks and provided debt financing of Rs 12 crore. Now, Info Edge has initiated a forensic audit into the prop-tech startup in which it holds a stake, as Yadav "repeatedly failed to provide the information". Founded in 2020 by Yadav, 4B Networks last raised Rs 90 crore in September 2022 at a valuation of $185 million. AIPL sought information, including details and particulars of financial transactions, transactions with related parties and such other aspects, from 4B Networks and its current management. "However, 4B Networks has repeatedly failed to provide AIPL with such information and has also not responded to the information requests by the company on several occasions," according to an exchange filing by <keyword id="3378431" type="General" weightage="50" keywordseo="indo-edge" source="Orion">Indo Edge</keyword>. "AIPL has exercised its contractual rights under the shareholders' agreement and articles of association of 4B Networks and pursuant to the same, is initiating a forensic audit into the affairs of the investee company," the filing further read. The startup ecosystem has been rocked by several such cases in the past, including BharatPe Co-founder Ashneer Grover, Singapore-based fashion startup <keyword id="3131383" type="General" weightage="50" keywordseo="zilingo" source="Orion">Zilingo</keyword> founder Ankiti Bose and financial discrepancies at GoMechanic. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/asus-rog-strix-scar-17-2023-review/articleshow/100695278.cms">Asus ROG Strix Scar 17 2023 review</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/entrepreneurship-dreams-here-is-a-door-to-knock-for-guidance/articleshow/100696303.cms">Entrepreneurship dreams? Here is a door to knock for guidance</a>

Employees unpaid but this startup rents a Taj Land's End boardroom for ₹80K a day

Bajaj Finserv, Tata Comm, Info Edge and some L&T Group companies among worst losers in the market crash

<ul><li>Shares of <keyword id="80004" type="General" weightage="20" keywordseo="info-edge" source="Orion">Info Edge</keyword> (India) Limited reached ₹6,692 at 11:56 a.m. on September 8.</li><li>The development coincides with ICICI Securities issuing a buy call on Info Edge (India) with a target price of ₹8,040.</li><li>The analyst expects increase in hiring, real estate rentals and wedding trends to fill Info Edge’s pockets in the near term.</li></ul>Sanjeev Bikhchandani-led Info Edge’s shares reached ₹6,692 at 11:56 a.m. This represents an increase of ₹509 in value compared to the previous close of ₹6,183 on September 7. Over the last one month, Info Edge’s share price has increased by 23%. Each share was valued at ₹5,368 on August 9 compared to ₹6,692 at 11:56 a.m. The development comes as ICICI Securities has issued a buy call on Info Edge (India) with a target price of ₹8,040 today. The analyst expects the share to reach the target price in a span of one year. The analyst had issued a similar buy call in June with a target price of ₹6,300. ICICI Securities have now revised the target as <keyword id="6740899" type="General" weightage="20" keywordseo="info-edge-shares" source="Orion">Info Edge shares</keyword> have crossed the said target. In its latest report on Info Edge, ICICI Securities has elaborated on the strong points that would lead the company’s stock price to increase. The broking house has also revised the estimated valuations of Info Edge and its subsidiaries. “We value Naukri at 75x [times] financial year 2023 estimates earnings per share. We value 99 Acres and Jeevansathi [Info Edge’s subsidiaries] each at 20x FY 2023 estimated sales. As elaborated in our report, our 1-year forward valuation of Zomato [a portfolio company of Info Edge] stands at $22 billion.” <div type="image" title="Here is how Naukri parent Info Edge’s stock went up 23% in the last one month" msid="86032580" hostid="261"></div> Meanwhile, Info Edge’s portfolio companies — Zomato and Info Edge — are also moving away from the ‘startup’ tag to a maturity stage. Zomato has already hit the public market and bought over <a href="https://www.businessinsider.in/stock-market/news/info-edges-remaining-stake-in-zomato-is-worth-15000-crore/articleshow/84668883.cms">₹15,000 crore</a> in return for Info Edge, PolicyBazaar has filed <a href="https://www.businessinsider.in/business/news/policybazaar-ipo-all-you-need-to-know-the-details-of-sixth-largest-fintech-startup/articleshow/84967042.cms">preliminary papers</a> to go public soon. Further Info Edge invested in another <a href="https://www.businessinsider.in/business/startups/news/travel-app-ixigo-files-for-a-1600-crore-ipo/articleshow/85292327.cms">initial public offering (IPO)</a>-bound company ixigo in July. Key points working in favour of Info Edge <div type="image" title="Here is how Naukri parent Info Edge’s stock went up 23% in the last one month" msid="86032598" hostid="261"></div> Strong hiring could benefit Naukri.com Trends in other markets like the US, which publish job market data periodically, hint towards a significant demand-supply mismatch when it comes to hiring. In India, entrepreneurship, preference to work in startups and flexibility of workplace are going to be biggest drivers of this demand-supply mismatch in hiring, as per ICICI Securities. This is likely to benefit job search platforms like Naukri.com for the next 12-18 months. Vibrant job market will push more people to move out ICICI Securities in its latest report noted that several new trends have emerged in the proptech segment — low interest rate, strong pipeline, print to online shift in advertising, recent direct-to-customer (D2C) approach taken by builders to drive traction in online real estate classifieds. The brokerage firm predicted the spike in paid listing going ahead, which will enable Info Edge-owned 99acre.com’s EBITDA [earnings before interest, taxes, depreciation, and amortisation] profitability to exceed the street estimates. ICICI Securities, however, also noted that competitive intensity is one of the key reasons for the suboptimal profitability in this segment for Info Edge. Besides this, the decline of funding in the real estate segment is also pushing Info Edge’s competition to reduce cash burn. “Nevertheless, the full stack aspirations of competitors like Square Yards is a key risk to watch out for,” the report added. Matchmaking is back on the table Easing of lockdown restrictions and best-in-a-decade job security will encourage more people to look for their partners on matchmaking platforms. ICICI Securities is anticipating a sharp increase in paid listings in the near term to also drive EBITDA profitability, in FY23. This will be a surprise to the current street expectation, the ICICI Securities added. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/zomato-policybazaar-investor-info-edge-invested-in-nearly-2-startups-every-month-in-2021/articleshow/86028438.cms">Zomato, PolicyBazaar investor Info Edge invested in nearly 2 startups every month in 2021</a> <a href="https://www.businessinsider.in/business/startups/news/byjus-bags-another-150-million-to-fund-its-acquisition-spree/articleshow/86027937.cms">Byju’s bags another $150 million to fund its acquisition spree</a> <a href="https://www.businessinsider.in/business/startups/news/zoho-corp-invests-5-million-in-medical-devices-startup-voxelgrids/articleshow/86000656.cms">Zoho Corp invests $5 million in medical devices startup Voxelgrids</a>

Here is why Naukri parent Info Edge’s stock went up 23% in the last one month

<ul><li>As startup layoffs continue, Mobile Premier League and FrontRow fire 245 peopleInfo Edge has lost ₹9,491 crore ($1.2 billion) in its investment in tech startups <keyword id="830092" type="General" weightage="20" keywordseo="zomato" source="Orion">Zomato</keyword> and <keyword id="696009" type="General" weightage="20" keywordseo="policybazaar" source="Orion">PolicyBazaar</keyword>.</li><li>The market cap of both the companies have fallen significantly as the Indian stock market undergoes sharp correction.</li><li><keyword id="80004" type="General" weightage="20" keywordseo="info-edge" source="Orion">Info Edge</keyword> owns 15.23% stake in restaurant aggregator business Zomato and 13.3% in financial services company PolicyBazaar.</li></ul>Sanjeev Bhikchandani-led Info Edge has lost ₹9,491 crore ($1.2 billion) in its investment in tech startups Zomato and PolicyBazaar since their stock market debut. The development comes as tech and startup stocks underwent a meltdown in the last few months. According to Business Insider’s calculations, the Naukri.com and Jeevansathi.com’s parent company has made ₹12,656 crore ($1.6 billion) on its investment in the two companies as of May 30. This investment however was once worth more than twice of what they’re now worth —- at ₹22,148 crore ($2.8 billion), as per their listin day valuations. Notably, Info Edge owns 15.23% stake in restaurant aggregator business Zomato and 13.3% stake in financial services company PB Fintech, which is the parent company of PolicyBazaar and PaisaBazaar. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Returns on the day of listing </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Returns on May 30, 2022 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zomato </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹14,957 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹8,537.9 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PB Fintech (PolicyBazaar) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹7,191 crore. </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4,119 crore </td></tr></tbody><tbody></tbody></table>Zomato’s shares listed at a<a href="https://www.businessinsider.in/business/news/zomato-makes-a-strong-public-market-debut-at-51-premium-shares-open-at-115/articleshow/84667265.cms#:~:text=Zomato%20made%20a%20strong%20debut,the%20NSE%2C%20up%2072%25."> premium of 51% </a>as its shares opened at ₹116 in July 2022. Its market cap was at ₹98,211 crore on the closing bell on the first day of listing, down from the ₹100,000 crore mark it breached earlier in the day. The company’s market cap has halved since then to ₹56,060 crore, as of May 30. At the peak of Zomato's stock price, Info Edge’s shareholding in the company was valued at ₹20,190 crore. PB Fintech — which offers insurance and loan facilities to customers — listed on the stock exchange at a premium of 17% on the Indian stock market on November 15, 2021. Its market cap was ₹54,070 crore on the closing bell on the day of market debut, versus ₹30,970 crore on May 30. Info Edge is also an investor in other initial public offering (IPO)-bound companies like ixigo and Shiprocket. The year <a href="https://www.businessinsider.in/stock-market/news/there-are-huge-discounts-on-nykaa-zomato-paytm-and-shares-of-other-listed-tech-startups/articleshow/89086759.cms">2022 has not been a great one</a> for these tech stocks, which <a href="https://www.businessinsider.in/stock-market/news/paytm-nykaa-and-zomato-are-now-a-part-of-nifty-next-50/articleshow/89820712.cms">made their debut on the stock market </a>only last year. Besides Zomato and PB Fintech, others like Paytm and Nykaa have also faced a significant drop in their share price and market capitalization ever since the startup of 2022. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Percentage change in stock price since Jan 1, 2022 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zomato </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-49.6% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PB Fintech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-28.05% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FSN E-Commerce (Nykaa) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-32.99% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">One97 Communications (Paytm) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-52.13% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">EasyTripPlanner (EaseMyTrip) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">+41.68% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">MapMyIndia </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-25.59% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">RateGain </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-21.75% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nazara Technology </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-50.26% </td></tr></tbody><tbody></tbody></table>Source: Bombay Stock Exchange One97 Communications, the parent company of Paytm, was <a href="https://www.businessinsider.in/stock-market/news/zomato-is-now-bigger-than-paytm-reasons-why-the-market-is-not-excited-about-vijay-shekhar-sharmas-vision-of-a-superapp/articleshow/87777762.cms">not doing great in 2021</a> but 2022 was somehow even worse when it 52.13% of its share price and marketcap this year. The company’s valuation has eroded over 75% ever since its listing in November 2021. Nykaa was off to a <a href="https://www.businessinsider.in/stock-market/news/nykaa-starts-trading-at-2001-a-premium-of-77-87/articleshow/87618803.cms">good start last year</a> as the company managed to double investors’ money on the day of listing. However, it has too been on a downwards trajectory this year as it witnessed over 27% dip in its share price in 2022. Info Edge’s share price also fell nearly 32% since the start of this year. SEE ALSO <a href="http://www.businessinsider.in/finance/banks/news/citi-kotak-icici-and-other-investment-banks-earned-2600-crore-through-ipos-last-year/articleshow/91887303.cms" data-type="tilCustomLink" style="">Indian companies raised $14 billion via IPOs and their i-bankers made $300 million in fees</a> <a class="tout-title-link" href="https://www.businessinsider.in/business/corporates/news/nykaa-to-face-competitive-heat-but-its-omni-channel-experience-maybe-the-game-changer/articleshow/91883946.cms" style="">Nykaa to face competitive heat but its omni-channel experience maybe the game changer</a> <a href="http://www.businessinsider.in/business/startups/news/mobile-premier-league-and-frontrow-fire-245-people-as-startup-layoffs-continue/articleshow/91892557.cms" data-type="tilCustomLink" style="">As startup layoffs continue, Mobile Premier League and FrontRow fire 245 people</a>

Info Edge has lost over $1.2 billion on its investment in Zomato, PolicyBazaar

<ul><li>Info Edge is one of the earliest backers of Zomato, now valued $5.5 billion.</li><li>In a regulatory filing, Info Edge announced on Tuesday evening that it would sell ₹750 crore ($100 million) worth shares in Zomato’s IPO.</li><li>Further details would be shared with Zomato’s Draft Red Herring Prospectus, which the company is expected to file very soon.</li></ul>Info Edge announced on Tuesday evening that it would sell ₹750 crore ($100 million) worth shares in the upcoming initial public offering (IPO) of Zomato. The food delivery app is <a href="https://economictimes.indiatimes.com/tech/startups/info-edge-to-sell-rs-750-crore-zomato-shares-in-upcoming-ipo/articleshow/82278986.cms">likely</a> to be valued between $6-8 billion in its IPO. And the markets cheered the move – Info Edge share price was up by 2.5% in morning trade as of 9.20 am. However, later as of 9.57 am, it settled at ₹4994.5, a jump of 0.91%. <div type="image" title="INFO EDGE NEW" msid="82285680" hostid="261"></div> In a regulatory filing, Info Edge said, “The Board of Directors of the Company today considered and have given their approval to the Company to participate in the said Offer for Sale of up to such number of shares of Zomato Limited as would aggregate upto ₹7,500 million.” Further details would be shared with Zomato’s Draft Red Herring Prospectus, which the company is expected to file <a href="https://economictimes.indiatimes.com/tech/startups/info-edge-to-sell-rs-750-crore-zomato-shares-in-upcoming-ipo/articleshow/82278986.cms">very soon.</a> Info Edge, which holds as much as 20% stake in Zomato, has been one of the earliest backers of the company. “When we started investing there was no Softbank, we were in the mindset to start investing in businesses that we understand. One of the first companies we invested in was Zomato – the first cheque we wrote was for a million dollars. They used to do business listings – previews, menus, and we thought acha lag raha hain (looks good). It was not even called Zomato then it was called foodiebay,” Info Edge CEO Hitesh Oberoi had told Business Insider in an interview in 2019. Info Edge’s core business includes four internet firms that are spread across lucrative industries – recruitment portal Naukri.com, real estate aggregator 99acres.com, matrimony platform Jeevansaathi.com and edtech vertical Shiksha.com. SEE ALSO: <a href="https://www.businessinsider.in/india/news/covid-19-vaccine-phase-3-registration-on-cowin-and-aarogya-setu-not-working-for-18-on-28-april-morning/articleshow/82284828.cms">COVID-19 vaccine phase 3: Anxious Indians are complaining of CoWIN and Aarogya Setu registration being delayed</a>

Info Edge shares jump by 2.5% as markets cheer its move to sell ₹750 crore worth shares in the upcoming Zomato IPO

<ul><li>Its shares were down by 1.5% on Thursday.</li><li>In a regulatory filing, <keyword id="80004" type="COMPANY" weightage="20" keywordseo="Info-Edge">Info Edge</keyword> shared that Naukri’s business was growing at a steady 13% until the lockdown happened. But ever since then, things have gone downhill. </li><li><keyword id="1336736" type="PERSON" weightage="20" keywordseo="99acres">99acres</keyword> saw a year-on-year decline in collection of ₹18 Cr in Q4FY20 and ₹9 crore in April. The lockdown created a shortfall of ₹25-30 crore said the company. </li></ul>Info Edge’s stocks took a hit after the company revealed how the coronavirus pandemic has hit its subsidiaries – <keyword id="218117" type="COMPANY" weightage="20" keywordseo="Naukri-com">Naukri.com</keyword>, 99acres. Its shares were down by 1.5% and were trading at ₹2,532 on Thursday. <div type="image" title="info edge shares." msid="76195610" hostid="261"></div> With the coronavirus pandemic tightening pockets across industries, there’s a looming jobs crisis where thousands of people have already been laid off and millions of jobs continue to be at risk. With this Naukri.com, which is one of India’s top jobs listings portal, has seen a blow to its business. In a regulatory filing, Info Edge shared that Naukri’s business was growing at a steady 13% until the lockdown happened. But ever since then, things have gone downhill. Naukri’s India business saw a year-on-year decline of collection by ₹14 crore in the fourth quarter of FY20 and it worsened in April with a decline of ₹26 crore as compared to the same month the previous year. “For Q4’20, pre-covid19 the growth was 13%, the lockdown slowed down the growth to zero, leading to a shortfall of collection of ₹40-44 crore (had the business grown at pre-covid growth rate),” said the company’s filing. But Info Edge’s hit didn’t just come from its jobs section but also the real estate platform – 99acres. The real estate portal saw a year-on-year decline of collection by ₹18 Cr in Q4FY20 and ₹9 crore in April. The lockdown created a shortfall of ₹25-30 crore said the company. While Naukri.com has always been the blockbuster property for Info Edge, the company had also been betting on real estate growth. “Most of the properties listed today are residential real estate. Today, we don’t do too much of rental, we don’t do anything in commercial – but these are very large opportunities. Inside the categories we are in, the opportunities are huge. Real estate is 10% of the GDP of any country, that’s how big real estate is,” Info Edge CEO Hitesh Oberoi had told Business Insider in February. Info Edge’s revenue stood at ₹320.5 crore for Q3FY20, up by 14% from the same quarter in the previous year. However, its matrimony listings portal Jeevan Sathi’s collections saw marginal growth – by ₹4 crore in Q4FY20 and ₹1 crore in April. Revenue from its education business Shiksha.com grew slightly to ₹13.2 crore in the fourth quarter, up from ₹12.8 crore in the same quarter the previous year. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/zomato-swiggy-dunzo-can-start-testing-drone-deliveries-as-india-starts-doling-out-permits/articleshow/76188887.cms">Zomato, Swiggy, Dunzo can start testing drone deliveries as India starts doling out permits</a> <a href="https://www.businessinsider.in/business/startups/news/zoomcar-ceo-says-people-wont-book-uber-or-ola-and-wont-buy-cars-soon/articleshow/76188254.cms">Zoomcar CEO is betting on people not taking Uber and Ola⁠— and not buying cars in a hurry</a> <a href="https://www.businessinsider.in/business/startups/news/tiger-global-now-has-to-pay-tax-on-profit-from-sale-of-flipkart-stake-to-walmart-in-2018/articleshow/76170662.cms">Tiger Global now has to pay tax on profit from sale of Flipkart stake to Walmart in 2018</a>

Info Edge share price falls after company reveals dismal performance of Naukri.com and 99acres due to Covid19

<ul><li><keyword id="80004" type="COMPANY" weightage="20" keywordseo="Info-Edge">Info Edge</keyword> runs recruitment services Naukri.com, real estate platform 99acres, education service Shiksha.com and matrimony portal Jeevansaathi.com.</li><li>The company saw its net revenue come down by 19% year-on-year for the second quarter of the current financial year. </li><li>For Info Edge, its businesses across verticals continue to suffer because of the pandemic.</li></ul>One of India’s oldest internet companies continues to bear the impact of the COVID pandemic. Info Edge, which runs recruitment services Naukri.com, real estate platform 99acres, education service Shiksha.com and matrimony portal Jeevansaathi.com, saw its net revenue come down by 19% year-on-year for the second quarter of the current financial year. Meanwhile, its operating EBITDA (earnings before interest, taxes, depreciation, and amortization) stood at ₹51.6 crore, down by 48.1% over the corresponding quarter in FY 2019-20. Its dismal performance in the second quarter also saw its share price taking a hit marginally during morning trade on November 11 – <keyword id="6673581" type="UNKNOWN" weightage="20" keywordseo="Info-Edge-share-price">Info Edge share price</keyword> fell by 0.22%. <div type="image" title="info edge latest" msid="79163901" hostid="261"></div> This, despite, <a href="https://twitter.com/CNBCTV18Live/status/1326371238260977665?s=19">comments</a> from Hitesh Oberoi, CEO, Info Edge trying to highlight the upswing in some segments. Q2 was better than expected, he said. But he also admitted that the billings on Naukri.com was still just 80% of what it was a year ago. In fact, between September and October, the <a href="https://twitter.com/CNBCTV18Live/status/1326371238260977665?s=19">billings fell</a> for the recruitment portal. Naukri.com, which is one of India’s top jobs listings portal and also Info Edge’s cash cow, has seen a blow to its business as companies froze hirings during the pandemic as a cost saving measure. During the release of its JobSpeak index in September, the company had said that hiring activity was recovering slowly. “While the hiring is yet to touch last year levels and is down by 23% in Sept’20 versus Sept’19 but this is also a marked recovery from a 35%-60% decline that we have witnessed in the last few months,” Pawan Goyal, Chief Business Officer, Naukri.com had said then. However, in October 2020 the company reported that hirings remained flat as compared to September 2020. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Info Edge revenue from different verticals </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Quarter ended Sept 30, 2020 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Quarter ended Sept 30, 2019 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Naukri.com </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1874.13 mn </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2311.99 mn </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">99acres </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹363.42 mn </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹570.12 mn </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Others </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹371.57 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹413.20 mn </td></tr></tbody></table> 99acres – Enquiries rising Meanwhile, for its real estate platform 99acres, Info Edge believes that recovery is on the cards in the third quarter of the current financial year. In a recent announcement, the company had said that 99acres.com has witnessed a 70% uptick in daily traffic in the third quarter as compared to the second. The company also said that in September, 99acres app downloads saw over 2000 installs per day. “The Jul-Sep 2020 quarter set the pace for the recovery of Indian residential real estate market. Post an initial lull in sales and new launches in the previous quarter, the current quarter came as a breather as sales resurged by almost 2.5 times of the pre-COVID levels,” Maneesh Upadhyaya, Chief Business Officer, 99acres.com had said in an earlier statement. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/zomato-and-swiggy-have-never-been-this-close-to-making-profit-say-goldman-sachs-analysts/articleshow/79163334.cms">Zomato and Swiggy have never been this close to making profit, say Goldman Sachs analysts</a>

Info Edge earnings are proof that not all Internet businesses are immune to the COVID crash

The much anticipated initial public offering (IPO) of online food delivery company <keyword id="830092" type="COMPANY" weightage="20" keywordseo="Zomato">Zomato</keyword> opened on Wednesday at Rs 72-76 per share offer and was fully received by the retail investors. The retail segment of the offering has been fully subscribed in just over an hour. So far, the IPO has been subscribed around 20 percent on the first day of bidding. On Tuesday, the company said that it has raised Rs 4,196 crore from several prominent institutional investors as part of an anchor book allocation. It has allocated 55.2 crore equity shares, to anchor investors, at a price of Rs 76 per share. Government of Singapore, <keyword id="158169" type="CITY" weightage="20" keywordseo="BlackRock">BlackRock</keyword>, <keyword id="6361649" type="UNKNOWN" weightage="20" keywordseo="Goldman-Sachs">Goldman Sachs</keyword>, <keyword id="126284" type="ORGANIZATION" weightage="20" keywordseo="Abu-Dhabi-Investment-Authority">Abu Dhabi Investment Authority</keyword> among others were the participants in the anchor book. Jyoti Roy, DVP- <keyword id="195368" type="POSITION" weightage="20" keywordseo="equity-strategist">Equity Strategist</keyword> at <keyword id="367193" type="COMPANY" weightage="20" keywordseo="Angel-Broking-Ltd">Angel Broking Ltd</keyword> noted that along with global investors the anchor portion witnessed strong participation from domestic <keyword id="6357979" type="UNKNOWN" weightage="20" keywordseo="mutual-funds">mutual funds</keyword> who were allotted 18.4 crore shares aggregating to Rs 1,399 crore out of the Rs. 4,196 crore anchor book. "Strong participation by institutions in the anchor book bodes well for the IPO and we expect continued strong demand for the IPO from both institutional and retail investors alike. Given strong delivery network, high barriers to entry, expected turnaround and significant growth opportunities in tier-II and tier-III cities, we believe that Zomato will command a premium to global peers and hence have a 'SUBSCRIBE' recommendation on the IPO," Roy said. The issue comprises an offer for sale of Rs 375 crore by the <keyword id="80004" type="COMPANY" weightage="20" keywordseo="Info-Edge">Info Edge</keyword> and a fresh issue worth Rs 9,000 crore. SEE ALSO - <a href="https://www.businessinsider.in/business/startups/news/a-startup-which-helps-you-become-a-makeup-artist-vah-vah-raises-seed-funding-from-sequoias-surge/articleshow/84378187.cms" style="">A startup which helps you become a makeup artist raises seed funding from Sequoia's Surge</a> <a href="https://www.businessinsider.in/business/ecommerce/news/chinese-e-commerce-app-shein-will-re-enter-the-indian-market-with-amazon-but-as-a-seller-this-time/articleshow/84376578.cms">Chinese e-commerce app Shein will re-enter the Indian market with Amazon, but as a seller this time</a>

Zomato IPO gets subscribed 20% on first day of bidding

E-commerce aggregation platform <keyword id="4178573" type="PERSON" weightage="20" keywordseo="ShipRocket">Shiprocket</keyword> on Thursday said it has raised $41.3 million (about Rs 305 crore) in Series D1 funding co-led by <keyword id="11591696" type="UNKNOWN" weightage="20" keywordseo="PayPal-Ventures">PayPal Ventures</keyword>, the corporate VC arm of <keyword id="6357940" type="DEFINITION" weightage="20" keywordseo="paypal">PayPal</keyword>. The latest infusion of capital brings Shiprocket's total funding to $94.3 million. The New Delhi-based company said that it aims to leverage these funds to fuel product development for both existing and new products, to invest in research and development, continue <keyword id="29547" type="PERSON" weightage="20" keywordseo="Market">market</keyword> expansion and accelerate overall growth. Direct-to-consumer (D2C) <keyword id="84" type="ORGANIZATION" weightage="20" keywordseo="Commerce">commerce</keyword> forms roughly 15 per cent of the overall e-commerce market in India and this is projected to grow to 30-35 per cent in the next five years. "Shiprocket is democratizing best-in-class experiences for hundreds of thousands of eCommerce brands that are shipping millions of items per month through our platform today," said <keyword id="1759829" type="PERSON" weightage="20" keywordseo="Saahil-Goel">Saahil Goel</keyword>, CEO, and Co-Founder of Shiprocket. A part of the funds will also be directed towards the platform's new strategic initiatives, including global expansion starting with the Middle East, the company said. Existing investors Bertelsmann India Investments and <keyword id="10449266" type="UNKNOWN" weightage="20" keywordseo="Info-Edge-Ventures">Info Edge Ventures</keyword>, March Capital and <keyword id="9200827" type="UNKNOWN" weightage="20" keywordseo="tribe-capital">Tribe Capital</keyword> also participated in the round. The funding round also saw participation from strategic partners, such as <keyword id="2777173" type="PERSON" weightage="20" keywordseo="Razorpay">Razorpay</keyword> and Innoven Capital, and entrepreneurs including Cred founder Kunal Shah and Zomato founder Deepinder Goyal. "Shiprocket has excelled by focusing on building products that solve major logistical problems for businesses as they scale, much like PayPal has supported merchants with payments," said Marc Donnadieu, Director, PayPal Ventures. Over 100,000 online sellers in India are using Shiprocket to streamline their post-checkout process, starting from logistics to warehousing to COD management. "The goal is that as Shiprocket expands its capabilities and tools for sellers, anyone with a product to sell should be able to avail of Shiprocket's suite of products and services at one click to get their business off-the-ground with an Amazon-like one-day delivery experience", said Kitty Agarwal, Partner, Info Edge Ventures. Founded in 2017, Shiprocket became profitable in FY18-19 and is on track to close this financial year at $100 million in annual recurring revenue (ARR). Shiprocket currently processes more than 5 million monthly shipments. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrencies-exchanges-can-run-into-trouble-with-investors/articleshow/84205889.cms">Cryptocurrencies aren't all diamonds and roses — lawsuits from people who lost big are piling up with exchanges</a> <a href="https://www.businessinsider.in/business/auto/news/simple-energy-new-electric-scooter-promises-240km-range-on-a-70-minute-charge/articleshow/84164967.cms">This new electric scooter promises 240KM range on a 70-minute charge, could be priced under ₹1,20,000</a>

You Searched For "info edge company" and got 9 results

Employees unpaid but this startup rents a Taj Land's End boardroom for ₹80K a day

IANS

Bajaj Finserv, Tata Comm, Info Edge and some L&T Group companies among worst losers in the market crash

Bhakti Makwana

Here is why Naukri parent Info Edge’s stock went up 23% in the last one month

Kritti Bhalla

Info Edge has lost over $1.2 billion on its investment in Zomato, PolicyBazaar

Kritti Bhalla

Info Edge shares jump by 2.5% as markets cheer its move to sell ₹750 crore worth shares in the upcoming Zomato IPO

Sanchita Dash

Info Edge share price falls after company reveals dismal performance of Naukri.com and 99acres due to Covid19

Sanchita Dash

Info Edge earnings are proof that not all Internet businesses are immune to the COVID crash

Sanchita Dash

Zomato IPO gets subscribed 20% on first day of bidding

IANS

PayPal pumps in ₹305 crore in Indian logistics platform Shiprocket

IANS

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