New Delhi, May 2 (PTI) Internet firm Info Edge, which owns several online platforms like Naukri and Jeevansathi, is planning to co-invest with global investment firm Temasek in three schemes that will have a total corpus of USD 325 million (about Rs 2,800 crore) for funding start-ups, a top official of the company said on Monday.
In a letter to shareholders, Info Edge founder and executive vice-chairman Sanjeev Bikhchandani said that since 2007 the company has invested approximately USD 250 million in the first three phases in various start-ups including Zomato and Policy Bazaar that have grown to become listed entities.
He said the fourth phase of Info Edge early-stage investing journey began in 2019 when it decided to set up a Venture Capital Fund, namely Info Edge Venture Fund (IEVF).
The first scheme of IEVF, namely IE Venture Fund I (IEVF-I) was capitalized with Rs 750 crores with 50 per cent being invested by Info Edge and 50 per cent by Temasek and it has invested in 28 start-ups in the first and second rounds of their fundraise picking up a large majority stake in them, according to the letter.
“In order to carry on our early-stage investing activity which we believe will continue to create value for our shareholders, we are planning to invest in three new schemes in partnership with Temasek.
“The total size of all the three proposed funds/schemes together is USD 325 million with Temasek committing 50 per cent and Info Edge seeking to commit 50 per cent,” Bikhchandani said.
Among these, IE Venture Fund Follow-on I with a corpus of USD 100 million will invest in the emerging winners from IEVF-I “This is intended to consolidate our position in the best companies of IEVF-I. It is precisely this strategy of following on into the winners that delivered a large part of the returns we have earned in Policybazaar and Zomato,” Bikhchandani said.
Another scheme IE Venture Investment Fund II with a total corpus of USD 150 million will continue to invest in new start-ups as per the strategy that IEVF-1 adopted.
The third scheme Capital 2B Fund 1 with a total corpus of USD 75 million will focus on investments in deep technology and patents, Bikhchandani said. PTI PRS MR
