Info Edge up over 5%

Info Edge (India) rose over 5% to Rs.5250 in the opening bell session and is currently trading at Rs.5090 levels. Its 10% UC of the day is at Rs.5494.65 and 52-week high is at Rs.5876.05.

The stock price has surged after the company stated that Zomato had raised $250 million in primary fund raising from 5 existing as well as new investors.

Existing investors Kora brought in $115 million, Tiger Global and Fidelity brought $50 million each. New investors are Bow Wave, bringing in $20 million and Dragoneer at $10 million.

This latest infusion takes the valuation of Zomato to $5.4 billion, up from $3.9 billion in Dec’20 when it had raised $600 million.

This is good news for Info Edge because it holds a 18.4% stake in Zomato.

Info Edge runs the online job portal Naukri.com and matrimony site, Jeevansathi.com, education website Shiksha.com and realty ads site, 99Acres.com. It also holds stake in 23 online companies including Zomato and PolicyBazaar.

The company had ended Q3FY21 with a 23% (YoY) decline in net profit at Rs.70 crore on a 15% drop in net sales at Rs.272 crore.