Info Edge has announced shareholder approval for a third sector-agnostic fund to be managed by Smartweb Internet Services, totaling $117m.
Photo courtesy of Trade Brains
Indian tech conglomerate Info Edge has received shareholder approval to launch a third investment fund at Rs 1,000 crore ($117m).
InfoEdge Ventures, the company’s CVC unit, is sector agnostic. Almost all of its investments are in India, and it mainly targets the pre-seed, seed and series A stages but occasionally goes further. As with its earlier funds, fund three will be managed by Info Edge subsidiary Smartweb Internet Services.
It led the $2.7m March seed funding round for Phot.AI, which uses AI to generate ads and marketplace listings for ecommerce brands. In the same month, it participated in the $44m series C round for the healthcare startup Truemeds, an online pharmacy.
The CVC had invested in Indian tech startup Eternal (then known as Zomato Limited) over a number of rounds beginning in 2013. The company went public in 2021 and today has a market cap of billions of dollars. It owns the food delivery service Zomato.
